FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 73,90 89,930 299,656 1,370 464,856 141,500 (44,625) $ 561,731 $ 89, 500 66,625 267,800 2,215 426,148 124, eee (54, eee) $ 496,140 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 69,141 71,800 140,941 $ 138,675 73,950 212,625 186,75e 61,500 172,540 $ 561, 731 166, 250 @ 117, 265 $ 496,140 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21125 (details in b). 4 ARAN AP FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 73,90 89,930 299,656 1,370 464,856 141,500 (44,625) $ 561,731 $ 89, 500 66,625 267,800 2,215 426,148 124, eee (54, eee) $ 496,140 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 69,141 71,800 140,941 $ 138,675 73,950 212,625 186,75e 61,500 172,540 $ 561, 731 166, 250 @ 117, 265 $ 496,140 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21125 (details in b). 4 ARAN AP Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21.125 (details in b). b. Sold equipment costing $94,875, with accumulated depreciation of $46,125 for $27,625 cash c. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term notes payable for the balance d. Pald $52.525 cash to reduce the long-term notes payable. e. Issued 4.100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,300 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Amante innan net innam tant nnchadhurstinne. cember 13, 2021 Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities o search O FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 73,90 89,930 299,656 1,370 464,856 141,500 (44,625) $ 561,731 $ 89, 500 66,625 267,800 2,215 426,148 124, eee (54, eee) $ 496,140 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 69,141 71,800 140,941 $ 138,675 73,950 212,625 186,75e 61,500 172,540 $ 561, 731 166, 250 @ 117, 265 $ 496,140 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21125 (details in b). 4 ARAN AP FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 73,90 89,930 299,656 1,370 464,856 141,500 (44,625) $ 561,731 $ 89, 500 66,625 267,800 2,215 426,148 124, eee (54, eee) $ 496,140 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 69,141 71,800 140,941 $ 138,675 73,950 212,625 186,75e 61,500 172,540 $ 561, 731 166, 250 @ 117, 265 $ 496,140 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21125 (details in b). 4 ARAN AP Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21.125 (details in b). b. Sold equipment costing $94,875, with accumulated depreciation of $46,125 for $27,625 cash c. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term notes payable for the balance d. Pald $52.525 cash to reduce the long-term notes payable. e. Issued 4.100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,300 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Amante innan net innam tant nnchadhurstinne. cember 13, 2021 Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities o search O