Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year,...
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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. Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense other gains (losses) Loss on sale of equipment taxes TOPloin PADIANO POLO Income tax Net Ancone Assets Accounts receivable Inventory FORTEN COMPANY Income Statement For Current Year Ended December 31 palid expenses Total current assets Total Assets APTOL lated depreciation Equipment abilities and Equity payable $5 FORTEN COMPANY Comparative Balance Sheets December 11 of par, con stock 11 may $147,400 35.750 $ 657,500 300,000 357,500 183,150 (20,125) 154,225 45,258 $ 108,975 Current Year $ 72,400 88,420 298,156 1,368 FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 460,336 142,500 (44,125) $ 558.71X $48,34% 22,000 148,343 185,258 60,000 173,320 $558,713 Prior Year $ 88,500 65.625 256,808 2,195 423,450 121,800 (53,500) $492,620 $137.375 72322 PMP925 185 EAT CLAS $492.820 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $20.125 (detalls in b. Sold equipment costing $91875, 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 $52125 cash to reduce the long-term notes payable e Issued 4.000 shares of common stock for $20 cash per share 1. Declared and paid cash dividends of $53.100 Problem 16-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 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) 4 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. Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense other gains (losses) Loss on sale of equipment taxes TOPloin PADIANO POLO Income tax Net Ancone Assets Accounts receivable Inventory FORTEN COMPANY Income Statement For Current Year Ended December 31 palid expenses Total current assets Total Assets APTOL lated depreciation Equipment abilities and Equity payable $5 FORTEN COMPANY Comparative Balance Sheets December 11 of par, con stock 11 may $147,400 35.750 $ 657,500 300,000 357,500 183,150 (20,125) 154,225 45,258 $ 108,975 Current Year $ 72,400 88,420 298,156 1,368 FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 460,336 142,500 (44,125) $ 558.71X $48,34% 22,000 148,343 185,258 60,000 173,320 $558,713 Prior Year $ 88,500 65.625 256,808 2,195 423,450 121,800 (53,500) $492,620 $137.375 72322 PMP925 185 EAT CLAS $492.820 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $20.125 (detalls in b. Sold equipment costing $91875, 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 $52125 cash to reduce the long-term notes payable e Issued 4.000 shares of common stock for $20 cash per share 1. Declared and paid cash dividends of $53.100 Problem 16-3A (Algo) Indirect: Statement of cash flows LO A1, P2, P3 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) 4
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CALCULATIONS FOR THE STATEMENT OF CASH FLOWS Operating Activities Net income 657588 Adjustments to reconcile net income to net cash provided by operat... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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