Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.

FORTEN COMPANY Comparative Balance Sheets December 31

Current Year

Prior Year

Assets

Cash

$

60,400

$

80,500

Accounts receivable

76,340

57,625

Inventory

286,156

258,800

Prepaid expenses

1,280

2,035

Total current assets

424,176

398,960

Equipment

150,500

115,000

Accum. depreciationEquipment

(40,125

)

(49,500

)

Total assets

$

534,551

$

464,460

Liabilities and Equity

Accounts payable

$

60,141

$

125,175

Short-term notes payable

12,100

7,400

Total current liabilities

72,241

132,575

Long-term notes payable

61,500

55,750

Total liabilities

133,741

188,325

Equity

Common stock, $5 par value

173,250

157,250

Paid-in capital in excess of par, common stock

48,000

0

Retained earnings

179,560

118,885

Total liabilities and equity

$

534,551

$

464,460

FORTEN COMPANY Income Statement For Current Year Ended December 31
Sales				$	617,500
Cost of goods sold					292,000
Gross profit					325,500
Operating expenses
Depreciation expense	$	27,750
Other expenses		139,400			167,150
Other gains (losses)
Loss on sale of equipment					(12,125	)
Income before taxes					146,225
Income taxes expense					34,050
Net income				$	112,175

Additional Information on Current Year Transactions

1. The loss on the cash sale of equipment was $12,125 (details in b).
2. Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18,625 cash.
3. Purchased equipment costing $103,375 by paying $44,000 cash and signing a long-term note payable for the balance.
4. Borrowed $4,700 cash by signing a short-term note payable.
5. Paid $53,625 cash to reduce the long-term notes payable.
6. Issued 3,200 shares of common stock for $20 cash per share.
7. Declared and paid cash dividends of $51,500.

Problem 16-4AA Indirect: Cash flows spreadsheet LO P4

Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)