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Required information Skip to question [ The following information applies to the questions displayed below. ] Forten Company's current year income statement, comparative balance sheets,
Required information
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The following information applies to the questions displayed below.
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year,
all sales are credit sales,
all credits to Accounts Receivable reflect cash receipts from customers,
all purchases of inventory are on credit, and
all debits to Accounts Payable reflect cash payments for inventory.
FORTEN COMPANY
Income Statement
For Current Year Ended December
Sales $
Cost of goods sold
Gross profit
Operating expenses excluding depreciation $
Depreciation expense
Other gains losses
Loss on sale of equipment
Income before taxes
Income taxes expense
Net income $
FORTEN COMPANY
Comparative Balance Sheets
December
Current Year Prior Year
Assets
Cash $ $
Accounts receivable
Inventory
Prepaid expenses
Total current assets
Equipment
Accumulated depreciationEquipment
Total assets $ $
Liabilities and Equity
Accounts payable $ $
Longterm notes payable
Total liabilities
Equity
Common stock, $ par value
Paidin capital in excess of par, common stock
Retained earnings
Total liabilities and equity $ $
Additional Information on Current Year Transactions
The loss on the cash sale of equipment was $details in b
Sold equipment costing $ with accumulated depreciation of $ for $ cash.
Purchased equipment costing $ by paying $ cash and signing a longterm notes payable for the balance.
Paid $ cash to reduce the longterm notes payable.
Issued shares of common stock for $ cash per share.
Declared and paid cash dividends of $
Required:
Prepare a complete statement of cash flows using a spreadsheet using the indirect method.
Note: Enter all amounts as positive values.
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