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?Required information Use the following information for the Problems below. ( Algo ) [ The following information applies to the questions displayed below. ] Forten
?Required information Use the following information for the Problems below. Algo 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. Additional Information on Current Year Transactions a ?The loss on the cash sale of equipment was $details in b ?Sold equipment costing $ ?with accumulated depreciation of $ ?for $ ?cash. c ?Purchased equipment costing $ ?by paying $ ?cash and signing a longterm notes payable for the balance. d ?Paid $ ?cash to reduce the longterm notes payable. e ?Issued ?shares of common stock for $ ?cash per share. f ?Declared and paid cash dividends of $ Problem A Algo ?Indirect: Statement of cash flows LO A ?P ?P Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. tableFORTEN COMPANYStatement of Cash FlowsFor Current Year Ended December Cash flows from operating activitiesNet incomeAdjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cashDepreciation expenseLoss on disposal of equipmentChanges in current assets and current liabilitiesDecrease in accounts payableDecrease in prepaid expensesIncrease in accounts receivableIncrease in inventory$Cash flows from investing activitiesCash flows from financing activities:tableresNet increase decrease ?in cash,$Cash balance at December ?prior yearCash balance at December ?current year,$
?Required information
Use the following information for the Problems below. Algo
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.
Additional Information on Current Year Transactions
a ?The loss on the cash sale of equipment was $details in
b ?Sold equipment costing $ ?with accumulated depreciation of $ ?for $ ?cash.
c ?Purchased equipment costing $ ?by paying $ ?cash and signing a longterm notes payable for the balance.
d ?Paid $ ?cash to reduce the longterm notes payable.
e ?Issued ?shares of common stock for $ ?cash per share.
f ?Declared and paid cash dividends of $
Problem A Algo ?Indirect: Statement of cash flows LO A ?P ?P
Required:
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.
tableFORTEN COMPANYStatement of Cash FlowsFor Current Year Ended December Cash flows from operating activitiesNet incomeAdjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cashDepreciation expenseLoss on disposal of equipmentChanges in current assets and current liabilitiesDecrease in accounts payableDecrease in prepaid expensesIncrease in accounts receivableIncrease in inventory$Cash flows from investing activitiesCash flows from financing activities:tableresNet increase decrease ?in cash,$Cash balance at December ?prior yearCash balance at December ?current year,$
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