just need speadsheet, statement of cash flow is there for reference
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 $ 67,900 83,890 293,656 1,330 446,776 145,500 (42,625) $ 549,651 $ 85,500 62,625 263,800 2,135 414,060 120,000 (52,080) 5 482,060 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accun. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-tern notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, 55 par value Paid in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 65,141 13,600 78,741 59,000 137,741 $ 132,675 8,400 141,075 60, 750 201,825 162,250 180,750 55,500 175,660 $ 549,651 117,985 $ 482,060 $ 642,500 297,000 345,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 32,750 Other expenses 144.400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 177.150 (12125) 151,225 41.05e $ 110, 175 AL $ 32,750 144,400 177,150 Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net Income (17,125) 151,225 41,050 $ 110,175 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $17.125 (details in b). b. Sold equipment costing $82,875, with accumulated depreciation of $42,125, for $23,625 cash. c. Purchased equipment costing $108,375 by paying $54,000 cash and signing a long-term note payable for the balance. d. Borrowed $5,200 cash by signing a short-term note payable. e. Paid $56,125 cash to reduce the long-term notes payable. f. Issued 3,700 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $52,500 For Current Year Ended December 31 Cash flows from operating activities Net income 110,175 Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase (21,265) Inventory increase (29,856) Prepaid expense decrease 805 Accounts payable decrease (67,534) Depreciation expense 32.750 Loss on disposal of equipment 17.125 $ 42.200 Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 23,625 (54,000) (30,375) Net cash used in investing activities Cash flows from financing activities: Cash borrowed on short-term note Cash paid on long-term note Cash received from issuing stock Cash paid for dividends 5,200 (56.125) 74,000 (52,500) 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 (29,425) $ (17,600) 85,500 67,900 A Required information Prowy December 31, Prior Year Debit Credit December 31, Current Year $ 67.900 $ Balance sheet-debit Cash Accounts receivable Inventory Prepaid expenses Equipment 85.500 62,625 263,800 2.135 120,000 534,060 $ 67,900 Balance sheet credit Accumulated depreciation-Equipment Accounts payable Short-term notes payable Long-term notes payable Common stock. $5 par value Paid-in capital in excess of par value, common stock Retained earnings 52.000 132,675 8,400 60,750 162.250 0 117.985 534,060 $ 0 Statement of cash flows Operating activities Investing activities Peru Livres Investing activities Financing activities Non cash investing and financing activities Purchase of equipment financed by long-term note payable $ 0 $ 0
