************ PLEASE FILL IN THE CHART BELOW WITH THE INFORMATION PROVIDED ABOVE
ID: 2489082 • Letter: #
Question
************ PLEASE FILL IN THE CHART BELOW WITH THE INFORMATION PROVIDED ABOVE **************
Forten Company, a merchandiser, recently completed its calendar-year 2013 operations. 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. The company's balance sheets and income statement follow FORTEN COMPANY Comparative Balance Sheets December 31, 2013 and 2012 2013 2012 Assets Cash Accounts receivable Merchandise inventory Prepaid expenses Equipment Accum. depreciation-Equipment 73,500 56,000 252,500 1,600 107,000 $ 49,600 65,820 278,000 1,250 159,000 (41,625) (52,000) Total assets $512,045 $438,600 Liabilities and Equity Accounts payable Short-term notes payable Long-term notes payable Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings $ 59,145 114,000 6,000 49,000 150,750 12,000 67,500 162,250 34,500 176,650 118,850 Total liabilities and equity $512,045 $438,600Explanation / Answer
FORTEN COMPANY
Spreadsheet for statement of cash flow
For the year ended 31st December 2013
Statement of Cash flows
December 31st 2012 Debit Changes Credit Changes December 31st 2013 Balance sheet - Debit balance Account Cash 73500 23900 49600 Accounts Recievable 56000 9820 65820 Merchandise inventory 252500 25500 278000 Prepaid Expenses 1600 350 1250 Equipment 107000 52000 159000 $490600 $553670 Balance sheet - credit balance accounts Accumulated Depreciation - Equipment 52000 10375 41625 Account payable 114000 54855 59145 Short term notes payable 6000 6000 12000 Long term notes payable 49000 18500 67500 Common stock ,$5 Par value 150750 11500 162250 Paid-in-capital, in excess of par value 0 34500 34500 Retained earnings 118850 57800 176650 $490600 $553670Related Questions
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