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FORTEN COMPANY Comparative Balance Sheets December 3 1 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation - Equipment Total assets
FORTEN COMPANY
Comparative Balance Sheets December
Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Total current assets
Equipment
Accumulated depreciationEquipment
Total assets
Liabilities and Equity
Accounts payable
Shortterm notes payable
Total current liabilities
Longterm notes payable
Total liabilities
Equity
Common stock, $ par value
Paidin capital in excess of par, common stock Retained earnings
Total liabilities and equity
FORTEN COMPANY Income Stater
For Current Year Ended December
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
Other expenses
Other gains losses
Loss on sale of equipment
Income before taxes
Net income
Additional Information on Current Year Transactions
a The loss on the cash sale of equipment was $details in b
b Sold equipment costing $ with accumulated depreciation of $ for $ cash.
c Purchased equipment costing $ by paying $ cash and signing a longterm note payable for the balance.
d Borrowed $ cash by signing a shortterm note payable.
e Paid $ cash to reduce the longterm notes payable.
f Issued shares of common stock for $ cash per share.
g Declared and paid cash dividends of $
Journal entry worksheet
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Reconstruct the entry to record the payment of cash dividends.
Note: Enter debits before credits.
tableDateAccount Title,Debit,CredittableDecember
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