Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Current Year Prior Year $ 64,900 80,870 290,656 $ 83,500 60,625 261,800 1,310 2,095 437,736 408,020 147,500 (41,625) 118,000 (51,000) $ 475,020 $ 543,611 $ 63,141 $ 129,675 73,000 136,141 66,750 196,425 Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Additional Information on Current Year Transactions 177,750 160,250 52,500 0 177,220 118,345 $ 543,611 $ 475,020 a. The loss on the cash sale of equipment was $15,125 (details in b). b. Sold equipment costing $76,875, with accumulated depreciation of $40,125, for $21,625 cash. c. Purchased equipment costing $106,375 by paying $50,000 cash and signing a long-term notes payable for the balance. d. Paid $50,125 cash to reduce the long-term notes payable. e. Issued 3,500 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $52,100. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. Note: Enter all amounts as positive values.

Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Current Year Prior Year $ 64,900 80,870 290,656 $ 83,500 60,625 261,800 1,310 2,095 437,736 408,020 147,500 (41,625) 118,000 (51,000) $ 475,020 $ 543,611 $ 63,141 $ 129,675 73,000 136,141 66,750 196,425 Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Additional Information on Current Year Transactions 177,750 160,250 52,500 0 177,220 118,345 $ 543,611 $ 475,020 a. The loss on the cash sale of equipment was $15,125 (details in b). b. Sold equipment costing $76,875, with accumulated depreciation of $40,125, for $21,625 cash. c. Purchased equipment costing $106,375 by paying $50,000 cash and signing a long-term notes payable for the balance. d. Paid $50,125 cash to reduce the long-term notes payable. e. Issued 3,500 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $52,100. Required: Prepare a complete statement of cash flows using a spreadsheet using the indirect method. Note: Enter all amounts as positive values.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter15: Capital Investment Analysis

Section: Chapter Questions

Problem 15.5.1MBA

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