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4 Part 1 of 3 4 points Book Print References Use the following information for the Problems below. [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 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 Assets Cash $ 70,900 $ 97,500 Accounts receivable 86,910 64,625 Inventory 296.656 265,800 Prepaid expenses 1.350 2,125 Total current assets 455,816 420,100 Equipment 143,500 122,000 Accun depreciation-Equipment (43,625) (53,000 Total assets 5555,691 $489.100 Liabilities and Equity Accounts payable $ 67,141 $135,675 Short-term notes payable 14,200 Total current liabilities 3.800 81,341 144,475 Long-tern notes payable 58,000 Total liabilities 62.750 139,341 Equity 207.225 Common stock, 55 par value 183,750 Palduin capital in excess of par, connon stock 164,250 58,500 0 Retained earnings 174,100 112,625 Total liabilities and equity $555,691 $489.100 4 Part of $652.500 299,000 353,500 TORTEN COMPANY Income Statement For Current Year Ended December 31 Sales cost of goods sold Grow Profit Operating expenses Depreciation expense $ 34,750 other expenses 146,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net Income 4 points 181,150 (19,125) 153, 225 43.850 5109,375 000 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $19,125 (details in ). 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, e, Paid $57125 cash to reduce the long term notes payable. f. Issued 3,900 shares of common stock for $20 cash per share 9. Declared and paid cash dividends of $52.900 4 Required information Part of 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.) 4 points FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities eBook Print Adjustments to reconcile net income to net cash provided by operations References Cash flows from investing activities Cash flows from financing activities 4 Required information Part 1 of 3 Cash flows from investing activities bints eBook Print Cash flows from financing activities: References Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year Help Save & E 5 Chec Problem 12-4AA Indirect: Cash flows spreadsheet LOP4 Part 2 of 3 Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method (Enter all amounts as positive values.) 4 points eBook FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis December 31, Prior Year Debit Print Changes Credit Heference December 31, Current Year $ $ 70.000 Balance sheet-debit Cash Accounts receivable Inventory Prepaid expenses Equipment 87.500 64625 265.800 2.175 122.000 542.100 5 $ Balance sheel credit Accumulated depreciation Equipment Accounts payable Short-term roles payable Long-term notes payable Common stock. 35 par value 53,000 136.675 8,800 52.750 164.250 Share HIMIE 5 Required information Pald-in capital in excess of par value, common stock Retained earings Part 2 of 3 0 117,625 542.100 $ 4 points Statement of cash flows Operating activities eBook Print References Investing activities Financing activities 5 Required information Part 2 of 3 4 boints 800 Investing activities Print Beferences Financing activities Non cash investing and financing activities Purchase of equipment financed by long-term note payable Problem 12-5AB Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method (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 Cash flows from investing activities Cash flows from financing activities Required information For Current Year Ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year