Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the...
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Accounting
Forten Company's current year income statement, comparative balance sheets, and additional information follow. 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, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 642,500 Cost of goods sold 297,000 Gross profit 345,500 Operating expens
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