How do you complete a spreadsheet for statement of cash?
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 Recelvable 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 asseta $ 70,900 86,910 $ 87,500 64,625 265,800 2,175 420,100 296.656 1,350 455.816 Equipnent Accum. depreciation-Equipnent 143,500 (43,625) $555,691 122.000 (53,000) Total assets $489,100 Liabilities and Equity Accounts payable Short-tern notes payable $ 67,141 14,200 B1.341 $135,675 8,800 44,47S Total current liabilities Long-tern notes payable 58,000 139,341 62,750 707,225 Total liabilities Equity Connon stock, $5 par value Paid-in capital in excess of par, comnon stock Retained earninga 164,250 183,750 58,500 174,100 $555,691 117,625 $489,100 Total liabilities and equity FORTEN COMPANY Income Statenent For Current Year Ended Decenber 31 $652,500 299,000 353,500 Sales Cost of goods sold Gross profit Operating expenses $ 34, 750 146, 400 Depreciation expense other expenses Other gains (losses) 181,150 (19,125) 33,225 Loss on sale of equipnent Income before taxes Income taxes expense 43,850 Net incone $109,375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $19,125 (details in b) b. Sold equipment costing $88,875, with accumulated depreciation of $44,125, for $25,625 cash. c. Purchased equipment costing $110,375 by paying $58,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,400 cash by signing a short-term note payable. Paid $57,125 cash to reduce the long-term notes payable. f. Issued 3,900 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $52,90o. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.) FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, December 31. Prior Debit Credit Year Current Year Balance sheet-debit Cash 87,500 70,900 64,625 Accounts receivable 265,800 Inventory Prepaid expenses 2,175 Equipment 122,000 70,900 542,100 Balance sheet credit Accumulated depreciation Equipment 53,000 Accounts payable 135,675 Short-term notes payable 8,800 62,750 Long-term notes payable Common stock, $5 par value 164,250 Paid-in capital in excess of par value, common stock Retained earnings 117,625 542,100 Statement of cash flows Operating activities Investing activities Financing activities Non cash investng and financing activities Purchase of equipment financed by long-term note payable
