5 Forten Company, a merchandiser, recently completed its calendar-year 2017 oper

Question

5 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. Part 3 of 3 FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2016 0.5 points 2017 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 83,890 293,656 67,900 85,500 62,625 263,800 eBook Print References 446.776 414,060 145,500120,000 (42.625) (52,000) 549,651 482,060 Liabilities and Equity Accounts payable Short-term notes payable Total current 1iabilities Long-term notes payable Total 1iabilities Equity Common stock, $5 par value Paid-in capital in excess of par, conmon stock Retained earnings Total liabilities and equity 65,141 $132,675 13,6008,400 78,741 141,075 59,00060 750 137,741 -201,825 186, 750 162,250 49,500 175 660117.985 549,651 $482,060

Explanation / Answer

workings

Cah flow Statement Cash flow from operating Activities Cash paid for income tax -41050 cash paid inventory -394390 cash paid for other expense -143595 Cash received from customer 621235 Net cash provided by operating activites 42200 cash flow from investing activities cash received from sale of equipment 23625 cash paid for equipment -54000 Net cash used in investing activities -30375 cash flow form financing activities cash borrowed on short term note 5200 cash paid for dividends -52500 cash received from issuing stock 74000 cash paid on long term note -56125 Net cash used in financing activities -29425 Increase in cash -17600 Beginning cash balance 85500 cash balance as on december 2017 67900

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