Question 11-5.3 Final Exam - Problems in Connect-Connect --Problems in Connect Required information [The following infor

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Question 11-5.3 Final Exam - Problems in Connect-Connect --Problems in Connect Required information [The following information applies to the questions displayed below.] FORTEN COMPANY Income Statement For Current Year Ended December 31 Saved 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, and (4) all debits to Accounts Payable reflect cash payments for inventory. Sales Cost of goods sold profit Operating expenses (excluding depreciation) $ 147,400 Depreciation expense 35,750 Other gains (losses) Loss on sale of equipment Incone before taxes. Income taxes expense Net income. FANTOL CONDANSE $ 657,500 300,000 357,500 How do i calculate? | answers.com 183, 150 (20,125) 154,225 45,250 $ 108,975 Help Save & Exit Subr

11 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-tern 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. Current Year $ 72,400 88,420 298,156 1,360 460,336 142,500 (44,125) $ 558,711 $ 68,141 72,000 140,141 185,250 60,000 173,320 $558,711 Prior Year $ 88,500 65,625 266,800 2,195 423,120 123,000 (53,500) $ 492,620 $ 137,175 72.750 209,925 165,250 0 117,445 $ 492,620 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $20,125 (details in b) b. Sold equipment costing $91,875, with accumulated depreciation of $45,125, for $26,625 cash. c. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long-term notes payable for the balance. d. Paid $52,125 cash to reduce the long-term notes payable. e. Issued 4,000 shares of common stock for $20 cash per share. t Declared and paid cash dividends of $53,100.

Retained earnings Total liabilities and equity. Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $20,125 (details in b). b. Sold equipment costing $91,875, with accumulated depreciation of $45,125, for $26,625 cash. 173,320 $558,711 c. Purchased equipment costing $111,375 by paying $60,000 cash and signing a long-term notes payable for the balance. d. Paid $52,125 cash to reduce the long-term notes payable. e. Issued 4,000 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $53,100. Cash flows from operating activities 117,445 $ 492,620 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash

Me 11 Required information Cash flows from operating s Adjustments to reconcile net income to net cas provided by operations Income statement tens tag tash 4 Changes in curent assets and current Cash fows from investing adve Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, por year Cash telance at December 31, cumentyr