Given the information on the included screenshots, how would I complete statement of cash flows using a spreadsheet using the indirect method? Included is screenshots of what I have gotten right and wrong so far. How would I complete the chart? How do I correct my mistakes? Please include the answers in the credit and debit columns when applicable.
Accounts receivable _ 86,910 Prepaid expenses 2,175 825 a 1,350 Equipment 122,000 58,000 6 - 180,000 Accumulated depreciationEquipment 96,625 Short-term notes payable 8,800 5,400 a 14,200 Long-term notes payable 119,875 Common stock, $5 par value m_ 183,750 Paid-in capital in excess of par value, common stock _ 58,500 Retained earnings 174,100 Statement of cash ows Operating activities Net income Increase in accounts receivable Increase in inventory Increase in accounts payable Depreciation expense Investing activities Payment to purchase equipment Loss on sale of equipment Financing activities Required information [7' he following information applies to the questions displayed beio w.] 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 5 70,900 5 87,500 Accounts receivable 86,910 64,625 Inventory 296,656 265,800 Prepaid expenses 1,350 2,175 Total current assets 455,816 420,100 Equipment 143,500 122,000 Accum. depreciationEquipment (43,625) (53,000) Total assets 5555:591 $489.100 Liabilities and Equity Accounts payable $ 67,141 $135,675 Short-term notes payable 14,200 8,800 Total current liabilities 81,341 144,475 Long-term notes payable 58,000 62,750 Total liabilities 139,341 207,225 Equity Common stock, $5 par value 183,750 164,250 Paid-in capital in excess of par, common stock 58,500 0 Retained earnings 174,100 117,625 Total liabilities and equity $555,691 $489,100 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $652,500 Cost of goods sold 299,000 Gross profit 353,500 Operating expenses Depreciation expense $ 34,750 other expenses 146,400 181,150 other gains (losses) Loss on sale of equipment (19,125) Income before taxes 153,225 Income taxes expense 43,850 Net income $109,375 Additional Information on Current Year Transactions The loss on the cash sale of equipment was $19,125 (details in b). Sold equipment costing $88,875, with accumulated depreciation of $44,125, for $25,625 cash. Purchased equipment costing $110,375 by paying $58,000 cash and signing a longterm note payable for the balance. Borrowed $5,400 cash by signing a short-term note payable. Paid $57,125 cash to reduce the long-term notes payable. Issued 3,900 shares of common stock for $20 cash per share. Declared and paid cash dividends of $52,900. PF!\" Fri-PF