Forten Company's current year income statement, comparative balance sheets, and additional information follow. For theyear, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) allpurchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory.SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseOther gains (losses)Loss on sale of equipmentIncome before taxesIncome taxes expenseNet incomeAssetsCashFORTEN COMPANYIncome StatementFor Current Year Ended December 31Accounts receivableInventoryPrepaid expensesTotal current assetsFORTEN COMPANYComparative Balance SheetsDecember 31EquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableLong-term notes payableTotal liabilities$ 132,40020,750EquityCommon stock, $5 par valuePaid-in capital in excess of par, common stockRetained earningsTotal liabilities and equity$ 582,500285,000297,500153, 150(5,125)139,22524,250$ 114,975Current Year$ 49,80065,810275,6561,250392,516157,500(36,625)$ 513,391$ 53,14175,000128,141162,75037,500185,000$ 513,391Prior Year$ 73,50050,625251,8001,875377,800108,000(46,000)$ 439,800$ 114,67554,750169,425150, 2500120, 125$ 439,800 Cash flows from operating activitiesAdjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cashFORTEN COMPANYStatement of Cash FlowsFor Current Year Ended December 31Changes in current assets and current liabilitiesCash flows from investing activitiesCash flows from financing activities:Net increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year

Cash flow statement is the one prepatred by the company to determine cash position of the company by…

Cash flows from operating activities FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities

Cash flows from operating activities FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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