Required information [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. (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, and (4) all debits to Accounts Payable reflect cash payments for inventory $ 662,500 301,00 361,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 148, 480 Depreciation expense 36,750 other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 185,150 (21,125) 155, 225 46,650 $ 108,575 FORTEN COMPANY romnarative Balance Sheet Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21.125 (details in b). b. Sold equipment costing $94,875, with accumulated depreciation of $46,125 for $27,625 cash c. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term notes payable for the balance d. Pald $52.525 cash to reduce the long-term notes payable. e. Issued 4.100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,300 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Amante innan net innam tant nnchadhurstinne. Required information [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. (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, and (4) all debits to Accounts Payable reflect cash payments for inventory $ 662,500 301,00 361,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 148, 480 Depreciation expense 36,750 other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 185,150 (21,125) 155, 225 46,650 $ 108,575 FORTEN COMPANY romnarative Balance Sheet cember 13, 2021 Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income 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 o search O Required information [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. (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, and (4) all debits to Accounts Payable reflect cash payments for inventory $ 662,500 301,00 361,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 148, 480 Depreciation expense 36,750 other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 185,150 (21,125) 155, 225 46,650 $ 108,575 FORTEN COMPANY romnarative Balance Sheet Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $21.125 (details in b). b. Sold equipment costing $94,875, with accumulated depreciation of $46,125 for $27,625 cash c. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term notes payable for the balance d. Pald $52.525 cash to reduce the long-term notes payable. e. Issued 4.100 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,300 Required: 1. Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income Amante innan net innam tant nnchadhurstinne. Required information [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. (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, and (4) all debits to Accounts Payable reflect cash payments for inventory $ 662,500 301,00 361,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 148, 480 Depreciation expense 36,750 other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 185,150 (21,125) 155, 225 46,650 $ 108,575 FORTEN COMPANY romnarative Balance Sheet cember 13, 2021 Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income 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 o search O
