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Please write correct answer in same format for easy read Forten Company's current year income statement, comparatlve balance sheets, and additional Information follow. For the
Please write correct answer in same format for easy read
Forten Company's current year income statement, comparatlve balance sheets, and additional Information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts from customers, (3) all purchases of Inventory are on credlt, and (4) all debits to Accounts Payable reflect cash payments for Inventory. Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (detalls In b ). b. Sold equipment costing $46,875, with accumulated depreclation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term notes payable for the balance. d. Pald $46,125 cash to reduce the long-term notes payable. e. Issued 2,500 shares of common stock for $20 cash per share. f. Declared and pald cash dividends of $50,100. 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should be Indlcated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: \begin{tabular}{|l|l|l|} \hline Net increase (decrease) in cash & \\ \hline Cash balance at December 31 , prior year & & \\ \hline Cash balance at December 31 , current year & \\ \hline \end{tabular}Step by Step Solution
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