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Ohegg Study nect.html Sony Entertainment CustomerConnect Us Chegg Study OrderNike Outlet Nike Fact Log in -Indigo Platin Turbo Tax Self-Emplo, G Help Sa Use the following information for the Problems below. Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit ?redit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance (2) all credits to Accounts Recevable reflect cash receipts from customers, (3) all purchases of inventory are on and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2816 2016 Assets 78,480 92,se0 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum, depreciation-Equipment Total assets 304,156 1:488 275 127,000 (46 1251 (5,500) $570,791 $506,700 138,see Liabilities and Equity Accounts payable Short-ters notes payable Total current 1iabilitles $ 72,141 143,175 Long-term notes payable Total labilitles Equity -,75- 320 -53,500 43,94 Common stock, $5par value 200,750169,25 34of4 Next > o@??e earch

Explanation / Answer

FORTEN COMPANY Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Net Income $107,375 Adjustments to reconcile net income to net cash provided by operations: Depreciation expense 39,750 Accounts receivable increase -24,835 Inventory increase -33,356 Prepaid expense decrease 875 Accounts payable decrease -71,034 Loss on disposal of equipment 24,125 Net cash provided by operating activities $42,900 Cash flows from investing activities Cash paid for equipment -68,000 Cash received from sale of equipment 30,625 Net cash used in investing activities -37,375 Cash flows from financing activities: Cash borrowed on short-term note 5,900 Cash rec on long-term note -59,625 Cash received from issuing stock 4400*20 88,000 Cash paid for dividends -53,900 Net cash used in financing activities -19625 Net increase (decrease) in cash -14100 Cash balance at beginning of year 92,500 Cash balance at end of year 78,400

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