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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 Liabilities and Equity Accounts payable $ 54,400 70,310 280, 156 1,280 406,146 154,500 (38 125) $ 522,521 $ 76,500 53,625 254,800 2,805 386,930 111,000 (47,500 $ 450,430 $ 56,141 $ 119,175 $ 56,141 10,900 67,041 63,500 130,541 $ 119,175 6,600 125,775 51,750 177,525 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 153,250 167,250 42,000 182,730 $ 522,521 119,655 $ 450,430 $ 597,500 288,000 309,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 23,750 Other expenses 135,400 other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 159, 150 (8,125) 142,225 28,450 $ 113,775 Retu Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $8,125 (details in b). b. Sold equipment costing $55,875, with accumulated depreciation of $33,125, for $14,625 cash. c. Purchased equipment costing $99,375 by paying $36,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,300 cash by signing a short-term note payable. e. Paid $51,625 cash to reduce the long-term notes payable. f. Issued 2,800 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $50,700. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. (Enter all amounts as positive values.) 3 Answer is not complete. FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31 December 31. Required information current Tear $ $ Balance sheet debit Cash Accounts receivable Inventory Prepaid expenses Equipment 16 685 25,356 76,500 53,625 254,800 2,005 111,000 497,930 54,400 70,310 280.156 1,280 154,500 560.646 725 99.375 55.875 is $ $ $ 23,750 63,034 Balance sheet-credit Accumulated depreciation-Equipment Accounts payable Short-term notes payable Long-term notes payable Common stock, 55 par value Paid-in capital in excess of par value, common stock Retained earnings 47.500 119,175 6,600 51,750 153,250 0 51.625 4,300 63,375 14,000 42,000 113.775 71.250 56,141 10,900 63,500 167,250 42,000 182.730 593.771 50.700 119,655 497.930 S $ Chiamant of Required information Statement of cash flows Operating activities Net income Depreciation expense Loss on sale of equipment Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Decrease in accounts payable 113,775 23,750 8,125 16,685 25,356 725 63,034 Investing activities Payment to purchase equipment Receipt from sale of equipment 36,000 14,625 Financing activities Borrowed on short-term note Payment of cash dividends 4,300 50,700 Required information 30.UU rayment purchase equipment Receipt from sale of equipment 14,625 4,300 Financing activities Borrowed on short-term note Payment of cash dividends Payment on long-term note Issued common stock for cash 50,700 51,625 O 56,000 Non cash investing and fina activities Purchase of equipment financed by long-term note payable 63.375 591 450 $ $ 561,200
