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FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income FORTEN COMPANY Comparative Balance Sheets December 31 Assets Current Year Prior Year Cash Accounta recetvable Inventory Prepaid expenses Total current assets Bquipment Accumulated depreciation-Bquipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total 1iabilities Equity Common stock, \$5 par value Paid-in capital in excess of par, common stock Retained earnings \begin{tabular}{rr} $49,800 & $73,500 \\ 65,810 & 50,625 \\ 275,656 & 251,800 \\ 1,250 & 1,875 \\ \hline 392,516 & 377,800 \\ 157,500 & 108,000 \\ (36,625) & (46,000) \\ \hline$513,391 & $439,800 \\ \hline \hline$53,141 & $114,675 \\ 75,000 & 54,750 \\ \hline 128,141 & 169,425 \\ 162,750 & 150,250 \\ 37,500 & 0 \\ 185,000 & 120,125 \\ \hline \end{tabular} Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $30,125, for $11,625 cash. c. Purchased equipment costing $96,375 by paying $30,000 cash and signing a long-term notes payable for the balance. d. Paid $46,125 cash to reduce the long-term notes payable. e. Issued 2,500 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $50,100. Required information (x) Answer is not complete. FORTEN COMPANY Statament of Cash Flows For Current Year Ended Decomber 31 Cash flows from operating activities Sred Check my work mode : This shows what is correct or incorrect for the work you have completed 1) Required information Rrev 67 of 9 iti Next >

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