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Required information Use the following information for the Problems below. (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, (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 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity $ 63,400 79, 360 289, 156 1,300 433, 216 148,500 (41, 125) $540,591 $ 82,500 59, 625 260,800 2, 075 405,000 117,000 (50, 500) $471,500 $ 62, 141 12,700 74,841 60,500 135, 341 $128, 175 7,800 135,975 57,750 193, 725 7en en en 159, 250 Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 176, 250 51,000 178,000 $540,591 118,525 $471,500 $627,500 294, 000 333, 500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 29, 750 Other expenses 141,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 171, 150 (14, 125) 148, 225 36,850 $111, 375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $14,125 (details in b). b. Sold equipment costing $73,875, with accumulated depreciation of $39,125, for $20,625 cash. c. Purchased equipment costing $105,375 by paying $48,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,900 cash by signing a short-term note payable. e. Paid $54,625 cash to reduce the long-term notes payable. f. Issued 3,400 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $51,900. Saved Help Save & Exit Sub Required information Prepare a complete statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 11,375 (29,750) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income $ Depreciation expense Increase in accounts payable Increase in accounts receivable Cash paid for inventory Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment $ (18,375) (31,500) (31,500) Net cash used in investing activities Cash flows from financing activities Cash received from issuing stock Cash paid for dividends (68,000) (51,900) Required information Increase in accounts payable Increase in accounts receivable Cash paid for inventory Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment $ (18,375) (31,500) (31,500) Net cash used in investing activities Cash flows from financing activities Cash received from issuing stock Cash paid for dividends (68,000) (51,900) (119,900) (169,775) $ 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 $ (169,775) Required information Use the following information for the Problems below. (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, (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 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity $ 63,400 79, 360 289, 156 1,300 433, 216 148,500 (41, 125) $540,591 $ 82,500 59, 625 260,800 2, 075 405,000 117,000 (50, 500) $471,500 $ 62, 141 12,700 74,841 60,500 135, 341 $128, 175 7,800 135,975 57,750 193, 725 7en en en 159, 250 Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 176, 250 51,000 178,000 $540,591 118,525 $471,500 $627,500 294, 000 333, 500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 29, 750 Other expenses 141,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 171, 150 (14, 125) 148, 225 36,850 $111, 375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $14,125 (details in b). b. Sold equipment costing $73,875, with accumulated depreciation of $39,125, for $20,625 cash. c. Purchased equipment costing $105,375 by paying $48,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,900 cash by signing a short-term note payable. e. Paid $54,625 cash to reduce the long-term notes payable. f. Issued 3,400 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $51,900. Saved Help Save & Exit Sub Required information Prepare a complete statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 11,375 (29,750) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income $ Depreciation expense Increase in accounts payable Increase in accounts receivable Cash paid for inventory Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment $ (18,375) (31,500) (31,500) Net cash used in investing activities Cash flows from financing activities Cash received from issuing stock Cash paid for dividends (68,000) (51,900) Required information Increase in accounts payable Increase in accounts receivable Cash paid for inventory Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment $ (18,375) (31,500) (31,500) Net cash used in investing activities Cash flows from financing activities Cash received from issuing stock Cash paid for dividends (68,000) (51,900) (119,900) (169,775) $ 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 $ (169,775)