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QUESTION 2

FORTBN COMPANY Income Statement For Current. Year Ended December 31 Sales Cost of goods sold Gross protit Operating expenses (axcluding depreciation) Depreciation expense Other gains (1osses) Loss on sale of equipment Income befoxe taxes Income taxes expense Wet income FORTBN COMPANY Comparative Balance sheets December 31 Xessets Current Year Prior Year Casth Mecounts receivable Inventary Prepaid expenses Total current assets Bquiptient Accumulated depreciation-Bquipment Total assets Liabilities and Equity Accounter payable tong-term notes payable Total Iiabilities Equity Common atoek, \$5 par value paid-in capital in excess of pary common atock Retained earninge Total 1iabilities and equity Additional Information on Current Year Transactions 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. FORTEN COMPANY 5preadsheat for Statement of Cavh Flows For Current Year Ended Docernber 31 Statement of cash flows Operating activities GOLDEN CORPORATION Camparative Balance Sheets December 31 Assets: Current Year Prior Year Caah Accounts receivable Inventory Total current assets Equipment Mecumulated depreciation-Rquipment Total as get. Liabilities and Bquity Aecounta payable Income taxes payable Total current 1 abilities Zquity Comen atock, 52 par yalue Paid-in capital in excesz of par value, common intock Retalned eafning: Total Ifabilities and equity GOLDEN CORRORATION Tneome statement Fox Current Year Finded December: 31 Sales Cost of goodz mold Groan profit Operating expenies (excluding depreciation) Depredation expensed Iricotte before taxels tricame taxes expenie Met income \begin{tabular}{rr} $164,000 & $107,000 \\ 83,000 & 71,000 \\ 601,000 & 526,000 \\ \hline 848,000 & 704,000 \\ 335,000 & 299,000 \\ (158,000) & (104,000) \\ \hline$1,025,000 & $899,000 \\ \hline \end{tabular} \begin{tabular}{rr} 587,000 & 571,000 \\ 28,000 & 25,000 \\ \hline 115,000 & 96,000 \end{tabular} Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Problem 16-6A (Static) Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amount indicated with a minus sign.) (1) Required information

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