question 3-4

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Forten Company's current year income statement, comparattve balance cheets, and additional information follow. For the year, (7) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. Additional Information on Current Year Transactions Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $22.125 (details in b ). b. Sold equlpment costing $97,875, with accumulated depreclation of $47,125, for $28,625 cash. c. Purchased equipment costing $113.375 by paying $64,000 cash and signing a long-term notes payable for the balance. d. Paid $52,925 cash to reduce the long-term notes payable. e. Issued 4,200 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,500. \begin{tabular}{|l|l|l|l|l|} \hline Investing activities & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & \\ \hline & & & \\ \hline Ninancing activities & & & \\ \hline Purchase of equipment finanoed by long-term notes payable & & & \\ \hline \end{tabular} Golden Corporation's current year Income statement, comparattve 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 Irventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Additional Information on Current Year Transactions a. Purchased equipment for $42.700 cash. b. Issued 12,400 shares of common stock for $5 cash per share. c. Declared and paid $93,000 in cash dividends. GOLDEN CORPORATON Statement of Cash Flows: For Current Year Ended December 31