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[The following Information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year. (1) all sales are credit sales. 2) all credits to Accounts Recelvable 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. The company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 578.400 S 92.589 94.469 69.625 304.156 278,888 1.480 2,275 478,416 435,200 139.589 127,680 (46,125 (55,5ee) $570,7915 586,700 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. 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, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 72,141 15,700 87.841 55.500 143,341 $ 143,175 9.880 152.975 67.750 220,725 169,250 280.750 56.500 170,200 $570.791 116,725 $ 506,700 $ 677,500 384,800 373,500 FORTEN COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $39.750 Other expenses 151.42 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 191, 150 (24.125) 158.225 50.850 $ 107.375 Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $24.125 (details in b. b. Sold equipment costing $103.875, with accumulated depreciation of $49,125, for $30,625 cash. c. Purchased equipment costing $115,375 by paying $68,000 cash and signing a long-term note payable for the balance. d. Borrowed $5.900 cash by signing a short-term note payable. e Pald $59.625 cash to reduce the long-term notes payable. f. Issued 4,400 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $53,900. Required: 1. Prepare a complete statement of cash flows, report its operating activities using the Indirect method (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities: Net increase (decrease in cash Cash balance at beginning of year Cash balance at end of year Problem 12-4AA Indirect: Cash flows spreadsheet LO P1, P2, P3, P4 Additional Information on Year 2017 Transactions a Net Income was $107,375. b. Accounts receivable Increased. c. Inventory Increased. d. Prepald expenses decreased. e Accounts payable decreased. f. Depreciation expense was $39.750. 9. Sold equipment costing $103.875. with accumulated depreciation of $49.125, for $30.625 cash This yielded a loss of $24,125. h. Purchased equipment costing $115,375 by paying $68,000 cash and (1.) by signing a long-term note payable for the balance. I Borrowed $5.900 cash by signing a short-term note payable. J. Pald $59,625 cash to reduce the long-term notes payable k. Issued 4,400 shares of common stock for $20 cash per share. Declared and paid cash dividends of $53,900. e n thee method Enter all Prepares complete statement of showing a present reports open amounts as positive values.) FORTEN COMPANY preadsheet fortement of Cash Flows Far Yar Ended December 31, 2017 Analysis of Changes December 2010 ISO 270.900 2 .ZTS 5 Pred ones woment S 552.200 $ Banca Acumulate depreciation Equipment Anunt pe Shortcams Long-term payne Common stock, 55 par value Palden al s of par le common stock and caring 56.500 170 . 57,750 116.28 552,200 Sement of cashow Operating activos Nance and tengas Purchase of tradyong Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $24,125 (details in b. b. Sold equipment costing $103.875. with accumulated depreciation of $49.125, for $30.625 cash c. Purchased equipment costing $115,375 by paying $68,000 cash and signing a long-term note payable for the balance. d. Borrowed $5.900 cash by signing a short-term note payable. e. Pald $59,625 cash to reduce the long-term notes payable. f. Issued 4,400 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $53,900. Required: Prepare a complete statement of cash flows; report its operating activities according to the direct method (Amounts to be du should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at beginning of year Cash balance at end of year