Its attached with Questions and answers separtely & respectively for each 4questions
Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operation investing activities Cash flows from financing activities 0 Not increase (decrease in cash Caban e r 31. or year Cash balance December 31, current year 30 Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year (1) ail 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 Assets $ 58,900 $ 79.58e Cash 74,830 56,625 Accounts receivable Inventory 284,656 257, see Prepaid expenses 1.270 2,815 Total current assets 419,656 395,940 Equipment 151,500 114, see Accu, depreciation Equipment (39,625) (49,000 Total assets $ 531,531 $ 460, Liabilities and Equity Accounts payable 59,141 $123.575 Short-tere notes payable 7.280 Total current liabilities 78.941 138.875 Long-tere notes payable 62,000 54,75e Total liabilities 132.941 185,625 Equity Common stock, 55 par value 156.25e Paid-in capital in excess of par 46,588 Retained earnings 180, 140 119,065 Total liabilities and equity $531.531 $460.Me stock 189,99 5460,948 291, 321,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 26.750 1 . Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense 165,15e (11,125) 145.225 12.650 $ 112,575 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $11.125 (details in b. b. Sold equipment costing 564,875, with accumulated depreciation of $36,125. for $17,625 cash c. Purchased equipment costing $102.375 by paying $42.000 cash and signing a long-term note payable for the balance. d. Borrowed $4,600 cash by signing a short-term note payable. e. Paid $53,125 cash to reduce the long-term notes payable. 4. Issued 3,100 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $51,300. Required: Prepares complete tatement of cash flows using a spreadsheet using the Indirect method (Enter all amounts as positive values.) FORTEN COMPANY Aprenditest fortement of Cach Pows For Current Year Ended December 31 Analysis of Changes December 31, Prior 257 20151 114 000 9000 5 $ 23.675 119.05 The following information applies to the questions USDOY CU ULJUN. Golden Corp'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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year 180,000 187. 625, obe 912,00 378,100 (165,000) $1.124.12 5124, 68e 87, 542, 080 753, 600 315, (112,) $956,600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Paid-in capital in excess of par value Retained earnings Total 1sabilities and equity $ 119,00 44, eee 163,888 $87.ee 33.18 120, 180 611,200 224,00 125, 189 $1,124, lee 584, 184,809 68,5ee $956.688 $1,872,00 1. 182.ee 770.ee GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,800 Other expenses 510, Bee Income before taxes Income taxes expense Net income 286,000 44,8 44.400 $ 161,600 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13.600 shares of common stock for $5 cash per share. c. Declared and paid $105.000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Cath flows from nvesting activities To Cash flows from financing acte (decrease in cash Cash balance at December 31, prior year nce at December 31. Current year Required into The following information applies to the questions displayed below) Golden Corp.'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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year 180.se 107.800 625,888 912, $ 124,629 87. 542, see 75 3.60 315,00 112,00) $956,500 266. ) 51. 124.ee Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income tax payable Total current liabilities Equity Common stock, 52 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 119,00 44.898 163,880 $87.ee 33.lee 120.lee 611.200 224.800 125,180 51,124,182 584, ee 184, Bee 68.5ee $956,600 $1.822.000 1, 182,00 770, e GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,80 Other expenses 510, e Income before taxes Income taxes expense Net income 564.000 286,00 44, 161.600 $ Additional Information on Current Year Transactions a. Purchased equipment for $63100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Analysis of Changes December 31, Prior Year Credit December 31, Current Year Balance sheetdebit balance accounts 180.000 Accounts receivable Inventory Equipment 124.600 87.000 542.000 315.000 1,068,500 s Balance sheet credit balance accounts Accumulated depreciation Equipment s Accounts payable Income taces payable Common stock 52 par value Paid-in capital in excess of par value, common stock Retained earnings 112.000 87.000 33.100 584.000 184.000 08.500 1.068.600 5 Statement of cash flows Operating activities Financing activities
