Question

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. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash 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 $ 49,800 65,810 275,656 1,250 392,516 157,500 (36,625) $513,391 $ 73,500 50,625 251,800 1,875 377,800 108,000 (46,000) $439,800 $ 53,141 10,000 63,141 65,000 129 111 $114,675 6,000 120,675 48,750 160 125
the first few pics is info for the cash flow please fill in all the cash flow (last two pics)

Answer 1

Forten Company 46875 Bal Long Term Note Cash Equipment 108000 Sale 66375 30000 Bal 204375 114975 157500 204375 Statement of Cashflows For the period ending December 31 Cashflows from Operating Activity Net Income Adjustments: Depreciation Expense Loss on sale of Equipment Increase in Accounts Receivable Increase in Inventory Decrease in Prepaid Expense Decrease in Accounts Payable Increase in Short Term Notes Payable Cash generated from Operating Activity 20750 5125 -15185 -23856 625 -61534 4000 Sale Accum. Depre - Equip 30125 Bal Depreciation Expense 36625 66750 46000 20750 Bal 66750 -70075 44900 Equip Cashflows from Investing Activity Equipment Purchased Equipment Sold Cash used for Investing Activity -30000 11625 Sale of Equip. 46875 Accum. Depre - Equip Loss on sale of Equipment Cash 46875 30125 5125 11625 46875 -18375 Cashflows from Financing Activity Long Term Notes paid Dividends paid Common Stock issued Paid in Capital in excess Cash used for Financing Activity Net Increase in Cash Beginning Cash Balance Ending Cash Balance -50125 -50100 12500 37500 -50225 -23700 73500 49800