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Help with 16-4 and 16-5 please here are the pictures of 16-3. I only need help with 16-4 and 16 -5 to the information reported
Help with 16-4 and 16-5 please
here are the pictures of 16-3. I only need help with 16-4 and 16-5
to the information reported about Forten Company in Problem 16-3A. Problem 16-4A Indirect: Cash flows spreadsheet Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1 using the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following list of transactions and events. a. Net income was $114,975. g. Sold equipment costing $46,875, with accumulated depreciation of b. Accounts receivable $30,125, for $11,625 cash. This yielded a loss of $5,125. increased h. Purchased equipment costing $96,375 by paying $30,000 cash and c. Inventory increased. (i.) by signing a long-term note payable for the balance. d. Prepaid expenses decreased. j. Borrowed $4,000 cash by signing a short-term note payable. e. Accounts payable decreased. k. Paid $50,125 cash to reduce the long-term notes payable. f. Depreciation expense was 1. Issued 2,500 shares of common stock for $20 cash per share. $20,750. m. Declared and paid cash dividends of $50,100. Check Analysis of Changes column totals. $600.775 Refer to Forten Company's financial statements and related information in Problem 16-3A. Required Prepare a complete statement of cash flows using the direct method. Disclose any noncash investing and financing activities in a note. Problem 16-5A Direct: Statement of cash flows P5 Check Cash used in financing activities, $(46,225 Piepal current year. additional information fol- le reflect cash receipts from Pavable reflect cash payments Problem 16-3A Indirect: Statement of cash flows A1 P2 P3 Forten Company's current-year income statement, comparative balance sheets, and additional info low. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash customers. (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expen FORTEN COMPANY Income Statement For Current Year Ended December 31 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $582,500 285,000 297,500 . Sales Cost of goods sold Gross profit...... Operating expenses Depreciation expense..... Other expenses... Other gains (losses) Loss on sale of equipment..... Income before taxes.. Income taxes expense Net income $ 20,750 132,400 153,150 Assets Cash......... Accounts receivable ....... Inventory .......... Prepaid expenses. Total current assets........... Equipment Accum. depreciation-Equipment ... Total assets .. $ 49,800 65.810 275,656 1,250 392,516 157,500 (36,625) $513,391 $ 73,500 50.625 251,800 1,875 377,800 108,000 (46,000) $439,800 (5,125) 139,225 24,250 $114,975 Liabilities and Equity Accounts payable ........... Short-term notes payable....... Total current liabilities......... Long-term notes payable ....... Total liabilities Equity Common stock. $5 par value ......... Paid-in capital in excess of par, common stock... Retained earnings ...... Total liabilities and equity ................... $ 53,141 10,000 63,141 65,000 128,141 $114,675 6,000 120,675 48,750 169,425 Additional Information on Current-Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50,125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. 150,250 162.750 37,500 185,000 $513,391 120,125 $439,800 Required Prepare a complete statement of cash flows using the indirect method for the current year. Disclose any noncash investing and financing activities in a note. check Cash from operating activities. $40.900 Analysis Component 2. Analyze and discuss the statement of cash flows prepared in part 1, giving special attention to the wisdom of the cash dividend payment. Refer to the information reported about Forten Company in Problem 16-3A. Problem 16-4A Indirect: Cash flows spreadsheet P4 Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A. 1 using the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following list of transactions and events. a. Net income was $114.975. g. Sold equipment costing $46,875, with accumulated depreciation of b. Accounts receivable $30,125, for $11,625 cash. This yielded a loss of $5,125. increased. h. Purchased equipment costing $96,375 by paying $30,000 cash and c. Inventory increased. (i.) by signing a long-term note payable for the balance d. Prepaid expenses decreased j. Borrowed $4,000 cash by signing a short-term note pavable. e. Accounts payable decreased, k. Paid $50,125 cash to reduce the long-term notes pavable. t. Depreciation expense was 1. Issued 2,500 shares of common stock for $20 cash per share. $20.750. m. Declared and paid cash dividends of $50.100. Check Analysis of Changes column totals. $600.775 Kefer to Forten Company's financial statements and related information in Problem 16-3A. Problem 16-5A Direct: Statement of cash flows P5 check Cash used in financing activities. $146.225) Required Prepare a complete statement of cash flows using the direct method. Disclose any noncash investing and financing activities in a note. lulemon chaotr and additional information Problem 16-6AStep by Step Solution
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