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Need help with this: Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit
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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 refiect cash receipts from customers. (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payabie reffect cash payments for inventory Additional Information on Current Year Transactions a. The loss on the cash sale of equipment wos $16,125 (details in b). b. Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash. c. Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term notes payable for the balance. d. Paid $50,525 cash to reduce the long-term notes payable e. issued 3,600 shares of common stock for $20 cash per share. f. Declared and poid cash dividends of $52,300. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.) 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 refiect cash receipts from customers. (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payabie reffect cash payments for inventory Additional Information on Current Year Transactions a. The loss on the cash sale of equipment wos $16,125 (details in b). b. Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash. c. Purchased equipment costing $107,375 by paying $52,000 cash and signing a long-term notes payable for the balance. d. Paid $50,525 cash to reduce the long-term notes payable e. issued 3,600 shares of common stock for $20 cash per share. f. Declared and poid cash dividends of $52,300. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.)Step by Step Solution
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