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Required information Use the following information for the Problems below. The following Information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, ( 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 67,900 85,500 Accounts receivable InventorY Prepaid expenses Total current assets Equipment Aceum. depreciation-Equipment Total assets 83,890 293,656 263,800 62.625 3302,135 145, 500 120,000 549.651 $482,060 46-776414,060 (42 625)(52,000 Liabilities and Equity Accounts payable Short-tern notes payable Total eurrent 1iabilities Long-term notes payable Total liabilities Equity Connon stock, $5 paz value Paid-in capital in excess of par, connon stook 6,1432,675 13,600 8,400 141,075 59,00060-750 201,825 8,741 137,741 186,750162,250 49,500 175,660117-985 $549,651 $482,060 Total liabilities and equity TORTEN CONPASY K Prev 7 of 8Next BOOK Pro Q Search or enter website name 3 4 5 6 8 9 0

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