Please do not give solution in image format thanku FORTEN COMPANYStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operatingactivitiesCash received from customersCash paid for inventoryCash paid for operating expensesCash paid for income taxesX Answer is not complete.Net cash provided by operating activitiesCash flows from investing activitiesCash received from sale of equipmentCash paid for equipmentNet cash used in investing activitiesCash flows from financing activitiesNet cash used in financing activitiesNet increase (decrease) in cashCash balance at December 31. prior yearCash balance at December 31, current year29,62569$609(9029,625029,62529,625 [The following information applies to the questions displayed below.]Forten Company's current year Income statement, comparative balance sheets, and additionalInformation follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflectcash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to AccountsPayable reflect cash payments for Inventory.Sales:Cost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseOther gains (losses)Loss on sale of equipmentIncome before taxes:Income taxes expenseNet incomeAssetsCashFORTEN COMPANYIncome StatementFor Current Year Ended December 31Accounts receivableInventoryPrepaid expensesTotal current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableLong-term notes payableTotal liabilitiesEquityCommon stock, $5 par valueFORTEN COMPANYComparative Balance SheetsDecember 31$ 150,40038,750Paid-in capital in excess of par, common stockRetained earningsTotal liabilities and equity$ 672,500303,000369,500189, 158(23,125)157,22549,450$ 107,775Current Year Prior Year$76,90092,950302,6561,390473,896139,500(45,625)$ 567,771$ 71,14171,400142,541189,75064,500170,980$ 567,771$91,50068,625269,8002,255432,180126,000(55,000)$ 503,180$ 141,67576,350218,025168,2508116,905$ 503,180Additional Information on Current Year Transactionsa. The loss on the cash sale of equipment was $23,125 (detalls in b).b. Sold equipment costing $100,875, with accumulated depreciation of $48,125, for $29,625 cash.c. Purchased equipment costing $114,375 by paying $66,000 cash and signing a long-term notespayable for the balance.d. Paid $53,325 cash to reduce the long-term notes payable.e. Issued 4,300 shares of common stock for $20 cash per share.1. Declared and paid cash dividends of $53,700.

The cash flow statement is prepared to record the cash flow from various activities during the…

Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses. Total current assets FORTEN COMPANY Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value 49,450 $ 107,775 Current Year Prior Year $ 76,900 92,950 302,656 1,390 473,896 139,500 (45,625) $ 567,771 $ 71,141 71,400 142,541 189,750 $ 91,500 68,625 269,800 2,255 432,180 126,000 (55,000) $ 503,180 $ 141,675 76,350 218,025 168, 250

Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses. Total current assets FORTEN COMPANY Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value 49,450 $ 107,775 Current Year Prior Year $ 76,900 92,950 302,656 1,390 473,896 139,500 (45,625) $ 567,771 $ 71,141 71,400 142,541 189,750 $ 91,500 68,625 269,800 2,255 432,180 126,000 (55,000) $ 503,180 $ 141,675 76,350 218,025 168, 250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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