Saved Help Save & E Che 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, (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. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 57,400 73,320 283,156 1,260 415, 136 152,500 (39,125) $ 528,511 $ 78,500 55,625 256,800 1,995 392,920 113,000 (48,500) $ 457,420 w 7 Help FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 57,480 73,320 283, 156 1,260 415, 136 152,500 (39,125) $ 528, 511 $ 78,500 55,625 256,800,- 1,995 392,920 113,000 (48,500 $ 457, 420 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 58,141 11,5ee 69,641 62,5ee 132,141 $ 122, 175 7,888 129, 175 53,750 182,925 155, 250 170,250 45,000 181, 120 $ 528,511 119,245 $ 457, 420 CE Prev 3 5 of 10 Next > Total liabilities and equity $ 528 $ 607,500 290,000 317,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 25,750 Other expenses 137,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 163, 150 (10,125) 144, 225 31, 250 $ 112,975 Additional Information on Current Year Transactions w O B Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income $ 112,975 Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase (17,695) Inventory increase (26,356) Prepaid expense decrease 22,216 Accounts payable decrease Loss on disposal of equipment Depreciation expense Net cash provided by operating activities Cash flows from investing activities (64,034) 10,125 25,750 $ 62,981 search o BE Prenare AromnieTE STATement Tran TITUS ICINAS anneer licinn neintrerr mer inter alimniNTC ac ngir Required information Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year $ $ 57.400 Balance sheet debit Cash Accounts receivable Inventory Prepaid expenses Equipment 78,500 55,625 256,800 1,995 113,000 505,920 $ $ 57,400 $ Balance sheet credit Accumulated depreciation Equipment Accounts payable Short-term notes payable 48,500 122,175 7,000 G 4 earch O Check Required information of 3 par value Long-term notes payable Common stock, $5 Paid-in capital in excess of par value, common stock Retained earnings 53,750 155,250 0 119.245 505,920 $ $ 0 Statement of cash flows Operating activities Book Print orences Inulin sine w o co here to search enovo Required information Investing activities Financing activities Non cash investing and financing activities Purchase of equipment financed by long-term note payable $ 0 $ 0 Prev G 4 5 of 10 Next > o search O 5 Required information Cash flows from investing activities 3 of 3 0 Cash flows from financing activities Book rint rences 0 S 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0 o ere to search
