Required Information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar year 2017 operations. For the year, U) al sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow. TORTION COMPANY Comparative Balance Sheets December 31, 2017 and 2016 $ 76,500 $ 54,400 70.310 280.156 Accounts receivable Inventory Prepaid expres Total current assets 38,125 $522,521 Accum. depreciation Equipent Total assets Liabilities and Equity Mocounts payable Short-ter notes payable Total current liabilities Long-term notes payable Total abilities Equity common stock, 55 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity TORTEN COMPANY Ingome Statement For Year Ended December 31, 2017 Cost of goods sold Gross profit Operating expenses Depreciation expense $ 23,750 Other One 135,400 Other gains (lossen) Loss on sale of equipment Income taxes expense Net Income DDD 00014 Required information Required: 1. Prepare a complete statement of cash flows report its operating activities using the indirect method (Amounts to be deducted should be indicated with a minus sign) FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to the cash provided by operations: Cashows from investigace Cash flows from financing activities re Cashbacete Required: Prepare a complete statement of cash fows using a spreadsheet report its operating activities using the indirect method Enter all amounts as positive values.) FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2017 Analysis of Changes December 31, Deble r 2016 December 31, Balance sheet deb Cash Anunts receivable 76.500 53.6251 254,800 2.005 111.000 497,930 Equipment Balance sheet credit 47 500 119,170 5.500 51,750 153250 im rotes payable Common stock 55 par value Paid-in capital in excess of par value, sem note pube ols Required information Required: Prepare a complete statement of cash flows report its operating activities according to the direct method (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Cash flows from investing advies Not noroase (decreas