Question

Help Save & Exit Submit Check my work 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, () 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 Prior Tear Current Tear Assets Cash $ 64,900 80,870 290,656 1.310 437,736 147,500 41.625) $543,611 $ 83,500 60,625 261.800 2,095 408,020 110,000 (51.000) $475,020 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Rouitv $ 63,141 13,000 76,141 60,000 136,141 $129,675 8.000 137,675 58.750 196,425 2 of 2 3 < Prey Next >

Answer 1

в FORTEN COMPANY Statement of Cash Flows For current Year Ended December 31 4 Cash flows from Operating activities 5 Cash received from Customers $ 612,255 6 Cash received from Bank $ 5,000 7 Cash paid to Suppliers $(390,390) 8 Cash paid for other expenses $(141,615) $ 85,250 $ 21,625 | $ (50,000) $ (28,375) 10 Net Cash flow from Operating Activities 11 Cash flow from investing activities 12 Cash received on sale of equipment 13 Cash paid on purchase of equipment 14 15 Net cash flow from Investing activities 16 Cash flow from Financing activities 17 Issue of common stock 18 Cash paid for long term notes payable 19 Dividends paid 20 Income taxes paid 21 22 Net cash flow from financing activities 23 Net increase (decrease) in cash 24 Cash balance at December 31, prior year 25 Cash balance at December 31, current year $ 70,000 $ (55,125) $ (52,100) $ (38,250) $ 75,475) $ (18,600) $ 83,500 $ 64,900 26

E H $ 612,255 ou AwN F G Accounts Receivable $ 60,625 Cash $ 632,500 $ 80,870 Beg. Bal. Sales End. Bal. 7 8 9 Beg. Bal. Purchases End. Bal. $ $ $ Inventory 261,800 Cost of goods sold $ 295,000 323,856 290,656 10 11 Cash $ Accounts Payable 390,390 Beg. Bal. Purchases End. Bal. $ 129,675 $ 323,856 $ 63,141 15 $ 142,400 16 17 18 19 20 Beg. Bal. Cash End. Bal. $ $ $ Prepaid expenses 2,095 Cash 141,615 1,310

E F Accounts Receivable Cash 2 =SUM(F2:F3)-F4 Beg. Bal. 60625 Sales 632500 End. Bal. 80870 m + non Inventory Cost of goods sold 295000 Beg. Bal. 261800 Purchases =H7+F9-F7 End. Bal. 290656 8 9 10 11 12 13 A Cash Accounts Payable =SUM(H12:H13)-H14 Beg. Bal. Purchases End. Bal. 129675 =F8 63141 15 16 17 18 142400 Beg. Bal. Cash End. Bal. Prepaid expenses 2095 Cash =(H17+F19)-F17 1310 19

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