hi! please provide full Answers for this question. I posted this question before and only got part answered. I did not recieve figures for Cash Flow investing and financing activities. Thanks :)
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 $ 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 (excluding depreciation) $ 141,400 Depreciation expense 29,750 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 PORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, 35 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and 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 73,200 135,341 $ 128,175 65,550 193,725 176,250 51,000 178,000 5 540,591 159, 250 0 118,525 $ 471,500 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 notes payable for the balance. d. Paid $49.725 cash to reduce the long-term notes payable. e. Issued 3,400 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $51,900. $ 111,375 FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Loss on disposal of equipment Changes in current assets and current liabilities Increase in inventory Increase in accounts receivable Decrease in prepaid expenses Decrease in accounts payable 29.750 14,125 (28,356) (19,735) 775 (66,034) $ 41,900 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 0 Cash flows from financing activities: Cash received from issuing stock Cash paid for dividends Cash paid on long-term notes Increase in inventory Increase in accounts receivable Decrease in prepaid expenses Decrease in accounts payable (28,356) (19.735) 775 (66,034) $ 41,900 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 0 Cash flows from financing activities: Cash received from issuing stock Cash paid for dividends Cash paid on long-term notes 0 41,900 Net increase (decrease) In cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 41,900
