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$582,500 285,000 297,500 FURTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $132,400 Depreciation expense 20,750 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 153, 150 (5,125) 139,225 24,250 $114,975 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 49,800 65,810 275,656 1,250 392,516 157,500 (36,625) $513,391 $ 73,500 50,625 251,800 1,875 377,800 108,000 (46,000) $439,800 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 $ 53,141 10,000 63, 141 65,000 128, 141 $114,675 6,000 120,675 48,750 169,425 162, 750 37,500 150, 250 0 Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity 37,500 185,000 $513,391 0 120, 125 $439,800 Additional Information on Current Year 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. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-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. marcaSC WAVERLY Decrease in accounts payable 140,00 (61,534) $ 40,900 Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment (30,000) 11,625 (18,375) Cash flows from financing activities: Cash paid for dividends Cash received from issuing stock Cash borrowed on short-term note (50,100) 50,000 50.125 (50,100) $ Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year (75) 22,450 73,500 95,950 $