HELP

Required information [The following information applies to the questions displayed below.) 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. FORTEN COMPANY Incone Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 140,400 Depreciation expense 28,750 Other gains (losses) Lous on sale of equipment Income before taxes Income taxes expense Net Income $ 622,500 293,000 329,500 169, 150 (13,125) 147,225 35,450 $ 111,775 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment $ 61,900 77,850 287,656 1,290 428,696 149,500 $ 81,500 58,625 259,800 2.055 401,980 116,000 0 Prepaid expenses 1,290 2,055 Total current assets Equipment 428,696 401,980 149,500 116,000 Accumulated depreciation Equipment (40,625) (50,000) Total assets $ 537,571 $ 467,980 Liabilities and Equity Accounts payable $ 61,141 $ 126,675 Long-term notes payable 73,400 66,350 Total liabilities 134,541 191,025 Equity Connon stock, 55 par value 174,750 158,250 Paid in capital in excess of par, common stock 49,500 Retained earnings 175, 780 118,705 Total libilities and equity $ 537,521 $467.980 Additional Information on Current Year Transactions o. The loss on the cash sale of equipment was $13,125 (details in). b. Sold equipment costing $70,875, with accumulated depreciation of $38,125. for $19,625 cash. c. Purchased equipment costing $104,375 by paying $46,000 cash and signing a long term ngtes payable for the balance d. Paid $49,325 cash to reduce the long-term notes payable. e.Issued 3,300 shares of common stock for $20 cash per share 4. Declared and paid cash dividends of $51700 Required: Prepare a complete statement of cash flows using the direct method (Amounts to be deducted should be indicated with a minus sign.) 7 Required information Part 2 of 2 Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash received from customers $ Cash paid for inventory 603,275 (386,390) 14 points eBook $ 216,885 Print Cash flows from investing activities 0 Cash flows from financing activities 0 216 885 S Net increase (decrease in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 216,885