The following question is part 2 of 2. I will include my completed and correct a
ID: 2391637 • Letter: T
Question
The following question is part 2 of 2. I will include my completed and correct answer for part 1 of 2 at the end. I do not understand how to complete the table for part 2.
Below is the complete and correct answer for part 1 of 2.
Required Informatlon The following information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 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 income statement and balance sheets follow FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 58,900 $ 79,500 56,625 257,800 2.015 395,940 114,000 74,830 284,656 1,2702-04 419,656 151, 500 39,625 5(49,000) $531,531 $460,940 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 59,141 $123,675 7,200 130,875 54,750 132,941185,625 11,800 70,941 62,000 174,750 43,500 156, 250 180,34019:963 $531,531 $460,940Explanation / Answer
Part 2 of 2 :
Statement of cash flows of B/S using a spreadsheet: Analysis of changes 31-Dec-16 Debit Credit 31-Dec-17 Balance sheet debits: Cash 79500 20600 58900 AR 56625 18205 74830 Inventory 257800 26856 284656 Prep expn. 2015 745 1270 Equipment 114000 37500 151500 Total 509940 571156 Balance sheet credits Acc Dep - Eq 49000 9375 39625 AP 123675 64534 59141 Sh T Note Pay 7200 4600 11800 Lg T Note Pay 54750 7250 62000 CS @$5 par value 156250 18500 174750 Paid in capital 0 43500 43500 RE 119065 61275 180340 Total 509940 156470 156470 571156Related Questions
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