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(i ne toliowing intormanion appiles to the questions aispiayea pelow.) 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, and (4) all debits to Accounts Payable reflect cash payments for inventory. e: This shows what is correct or incorrect for the work you have completed so far. It does n indicate completion. k mode : This shows what is correct or incorrect for the work you have completed so fe indicate completion. Total liabilities and equity $570,791$5 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $24,125 (details in b). b. Sold equipment costing $103,875, with accumulated depreciation of $49,125, for $30,625 cash. c. Purchased equipment costing $115,375 by paying $68,000 cash and signing a long-term notes payable for the balance. d. Paid $53,725 cash to reduce the long-term notes payable. e. Issued 4,400 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,900. Problem 16-5AB (Algo) Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. mode : This shows what is correct or incorrect for the Work you nave compl indicate completion. Required information Saved Help Save 8 mode: This shows what is correct or incorrect for the work you have completed so indicate completion. ImPIPASA in mprrriantsp irvianing Required information Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment (60,625 Net cash provided by financing activities (37,375) Cash flows from financing activities Cash paid on long-term notes Cash received from issuing stock Cash paid for dividends Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31 , current year \begin{tabular}{|cc|} \hline & (19,625) \\ $ & 10,570 \\ & 92,500 \\ \hline & 103,070 \\ \hline \end{tabular} Prev 1 of 1 Next