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Use the following Informatlon for the Problems below. The following Information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, ) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts 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 pald in advance and are initially debited to Prepald Expenses. The company's Income statement and balance sheets follow. FORTEN COMPANY Conparative Balance Sheets December 31, 2817 and 2016 2817 2816 Assets $ 78,400 94,460 384,156 1,408 s 92,500 Cash Accounts receivable 69,625 278,880 Inventory Prepaid expenses 2,275 435, 20e 127.000 Total current assets 478,416 138,580 (46,125) Equipment Accum. depreciation-Equipment (55,5ee) Total assets $57e,791 $s86,7e0 Liabilities and Equity Accounts payable Short-tern notes payable $ 72,141 $143,175 9,8ee 15,70e 87,841 55,5ee 143,341 152.975 67,75e Total current 1iabilities Long-term notes payable Total liabilities 228,725 Equity Conmon stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings 28e,75e 56,50e 17e, 200 169,25e 116,725 $586,700 Total liabilities and equity 570,791 FORTEN COMPANY Incone Statement For Year Ended December 31, 2817 Sales $677,5ee 304,080 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment 373,5ee $ 39,75e 151,480 191,15e (24,125) Income before taxes 158,225 se, 85e Income taxes expense $ 107.375 Net income Required: Prepare a complete statement of cash flows; report Its operating activitles according to the direct method. ( should be Indicated witha minus sign.) FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Net income 0 Cash flows from investing activities 30,625 Cash received from sale of equipment Cash paid for equipment (115,375) Net income (84,750) (169,500) Cash flows from financing activities Cash paid on long-term note (12,250) Cash paid for dividends (53,900) (68,150) S (235.650) Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year (235,850) 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 recevable Increased. c. Inventory Increased. d. Prepaid expenses decreased e. Accounts payable decreased. f. Depreciation expense was $39.750 g. Sold equlpment costing $103.875, wth accumulated depreciation of $49.125, for $30,625 cash. This ylelded a loss of $24125. h. Purchased equlpment costing $115,375 by paying $68,000 cash and (L) by signing a long-term note payable for the balance. L 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. L Declared and paid cash dvidends of $53,900. Required: Prepare a complete statement of cash flows using a spreadsheet; report its operating activitles using the Indirect method. (Enter all amounts as positive values.) FORTEN COMPANY 3presdtheet for statement of Cach Flows For Year Ended December 31, 2017 Analycit of Changes December 31, 2018 Debit Credit December 31, 2017 Balanca sheatdobit 78400 Cash 92,500 Accounts rocevable Invantory 270,800 Propad expensas 2,275 127,000 562 200 Equipment T,400 Baance shootcmdt Accumulatod dopraciation Equipmant 00 143,175 Accounts payable- Short-torm notos payable 9,800 67,750 1250 Long-tarm notes payabla Common stock, S5 par valua Paidin captal in gxcess of par value, common stock 116,725 Retained gaings SE2 200 S Statomant of cash fows Oparating activitios Invasting actvitas Financing activities Non cash investing and financing actvitios Purchasa of equipment fnancad by long-tarm note payable