Maurice Tutor

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Category > Accounting Posted 18 Aug 2017 My Price 14.00

Forten Company

5 STARS FOR CORRECT ANSWER. THANKS!

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 companyAc€?cs balance sheets and income statement follow.

FORTEN COMPANY
Comparative Balance Sheets
December 31, 2013 and 2012
  2013   2012
  Assets          
  Cash $ 49,200   $ 74,000
  Accounts receivable   65,890     60,000
  Merchandise inventory   276,500     252,000
  Prepaid expenses   1,250     1,800
  Equipment   157,000     108,000
  Accum. depreciationAc€??Equipment   (42,500)     (52,000)
           
  Total assets $ 507,340   $ 443,800
           
  Liabilities and Equity          
  Accounts payable $ 52,940   $ 114,000
  Short-term notes payable   12,000     7,000
  Long-term notes payable   62,500     48,750
  Common stock, $5 par value   162,750     150,500
  Paid-in capital in excess of par, common stock   36,750     0
  Retained earnings   180,400     123,550
           
  Total liabilities and equity $ 507,340   $ 443,800
           
 
FORTEN COMPANY
Income Statement
For Year Ended December 31, 2013
  Sales       $ 583,500
  Cost of goods sold         287,000
           
  Gross profit         296,500
  Operating expenses          
       Depreciation expense $ 20,000      
       Other expenses   134,000     154,000
           
  Other gains (losses)          
       Loss on sale of equipment         (5,750)
           
  Income before taxes         136,750
  Income taxes expense         23,000
           
  Net income       $ 113,750
           
 
Additional Information on Year 2013 Transactions
a. Net income was $113,750.
b. Accounts receivable increased.
c. Merchandise inventory increased.
d. Prepaid expenses decreased.
e. Accounts payable decreased.
f. Depreciation expense was $20,000.
g.

Sold equipment costing $46,875, with accumulated depreciation of $29,500, for $11,625 cash. This yielded a loss of $5,750.
h.

Purchased equipment costing $95,875 by paying $25,000 cash and (i.) by signing a long-term note payable for the balance.
j. Borrowed $5,000 cash by signing a short-term note payable.
k. Paid $57,125 cash to reduce the long-term notes payable.
l. Issued 2,450 shares of common stock for $20 cash per share.
m. Declared and paid cash dividends of $56,900.
   
Required:

Prepare a complete statement of cash flows using a spreadsheet; report its operating activities using the indirect method. (Enter all amounts as positive values.)

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 02:08 PM My Price 14.00

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