tpx? =04934713588918379 1501210)89033 Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Forten Company, a merchandiser, recently completed its calendar year 2015 operations For the year, (1) al sales are credr sales, (2) al credits to Accounts Receivable reld cash, recephrom curtomers, pull 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 Comparative Balance Sheets December 31, 2015 and 2014 Assets Cash Accounts receivable $ 57,344 67,000 56.125 267,406 240,800 1,850 72,125 Inventory Prepaid expenses 1400 Total current assets Equipment Accum depreciation-Equipment 398275 365,775 52,250 110,000 43,300) (50,000) 152250 365 Total assets $ 507,225 $425,775 Liabilities and Equity Accounts payable Short-term notes payable 59,075 S 109.700 5.000 8,000 Total current Wabilities Long-term notes payable 67,075114,700 267538,000 Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings 99.750152700 160,000147.500 209975 125,575 507 225 $ 425,775 37,500 Total labilities and equity Type here to search :0e@