Operating activities only

$582,500 285,000 297,500 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income $20,750 132400 153,150 (5.125 139,225 24.250 $114,975 2017 2016 Assets $49,800 73,500 Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity 65,810 50,625 275,656 251,800 392,516 377,800 157,500 108,000 $513,391 $439,800 $53,141 $114,675 10,000 6,000 63,141 120,675 65,000 48,750 128,141 169,425 Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 162,750 150,250 37,500 185,000 120.125 $513,391 $439,800 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. Purchased equipment costing $96,375 by paying $30,00o cash and signing a long- c. term note payable for the balance. d. Borrowed $4,000 cash by signing a short-term note payable. e. Paid $50, 125 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,100. Direct: Statement of cash flows Refer to Forten Companys fiomecha tatements and related information in Problem 16- 3A. Required Prepare a complete statement of cash flows; report its operating activities according to the direct method. Disclose any noncash investing and financing activities in a note. to nes and financing activities in a