! Required information Use the following information for the Problems below. [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. Current Year Prior Year YORTEN COMPANY Comparative Balance sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Neeun. depreciation Equipment Total asset Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilition Equity Common stock, $5 par value Pald-in capital in excess of par, common stock Retained earnings total abilities and equity $ 75,400 91.440 301, 156 1,380 469,376 140.500 (45,125) $564,75 $ 90,500 67,625 260, 800 2,235 429,260 125,000 154,500) $499,660 $ 70,141 15,100 05:241 56,500 141, 741 $140,175 9,400 149,575 65,750 215,325 188,250 63,000 121760 $564,751 167,250 0 112,085 $499,660 $667.500 302.000 365,500 PORTIN COMPANY Income Statement For Current Year Ended December 31 Sale Cost of goods sold Gross profit Operating expenses Depreciation expense $ 37,750 Other expenses 149.400 Other gains (losses) Loss on sale of equipment Incone before taxes Income taxes expense Net Income 187.150 (22,125) 156.225 40.050 $209,175 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $22,125 (details in ) b. Sold equipment costing $97,875, with accumulated depreciation of $47125, for $28,625 cash. c. Purchased equipment costing $113,375 by paying $64,000 cash and signing a long-term note payable for the balance. d. Borrowed $5700 cash by signing a short term note payable e. Pald $58,625 cosh to reduce the long-term notes payable f. Issued 4 200 shares of common stock for $20 cash per share. 9. Declared and paid cash dividends of $53,500, Problem 16-4AA Indirect: Cash flows spreadsheet LO P4 Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method (Enter all amounts as positive values.) 0 Required information Prepare a complete statement or cash nows using a spreadsheet using the ricrec method (mer an amounts as positive values FORTEN COMPANY Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Year Credit December 31, Current Year $ $ 75.400 Balance sheet debit Cash Accounts receivable Inventory Prepaid expenses Equipment 90,500 67,625 268,800 2,235 125.000 554,160 $ $ 75 400 $ 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 54 500 140.175 9.400 66.750 167,260 0 117,085 550160 $ $ Statement of cash flow Operating activities VINO DVOU ULUI Required information $ 554,160 $ 0 Statement of cash flows Operating activities Investing activities Financing activities Non cash investing and financing activities Purchase of equipment financed by long term not payable $