Please fill in the table using the information stated in the question. I need all the answers.
Required information (The following information applies to the questions displayed below.) Part 2 of 2 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 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. The company's income statement and balance sheets follow. points FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 eBook 2017 2016 Print $ 66,400 82,380 292,156 1,320 442,256 146,500 (42,125) $546,631 $ 84,500 61,625 262,800 2,115 411,040 119,000 (51,500) $ 478,540 Assets 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 Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 64,141 13,300 77,441 59,500 136.941 $ 131, 175 8,200 139, 375 59,750 199, 125 161,250 184,750 48,500 176,440 $546,631 118,165 $478,540 $637,500 296,000 341,500 Part 2 of 2 FORTEN COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 31,750 Other expenses 143,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 175,150 points (16,125) 150,225 39,650 $ 110,575 eBook Print Additional Information on Year 2017 Transactions a. Net income was $110,575. b. Accounts receivable increased. c. Inventory increased. d. Prepaid expenses decreased. e. Accounts payable decreased. f. Depreciation expense was $31,750. g. Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash. This yielded a loss of $16,125. h. Purchased equipment costing $107,375 by paying $52,000 cash and (i.) by signing a long-term note payable for the balance. i. Borrowed $5,100 cash by signing a short-term note payable. j. Paid $55,625 cash to reduce the long-term notes payable. k. Issued 3,600 shares of common stock for $20 cash per share. 1. Declared and paid cash dividends of $52,300. Required: Prepare a complete statement of cash flows using a spreadsheet; report its operating activities using the indirect method. (Enter all amounts as positive values.) Part 2 of 2 FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2017 Analysis of Changes December 31, 2016 Debit Credit December 31, 2017 points Balance sheet-debit Cash 66,400 eBook Accounts receivable Inventory Prepaid expenses Equipment 84,500 61,625 262,800 2,115 119,000 530,040 Print $ $ 66,400 Balance sheet-credit Accumulated depreciation-Equipment Accounts payable Short-term notes payable Long-term notes payable Common stock, $5 par value Paid-in capital in excess of par value, common stock Retained earnings 51,500 131,175 8,200 59,750 161,250 118,165 530,040 Statement of cash flows Operating activities Net income eBook Print Investing activities Decrease in inventory Cash paid for inventory Financing activities Non cash investing and financing activities Purchase of equipment financed by long-term note payable $ 0 $ 0
