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The following information applies to the questions displayed below.) 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, (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 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 66,400 82,389 292,156 1,320 442,256 146,500 (42,125) $ 546,631 $ 84,500 61,625 262,800 2,115 411.0.40 119,000 (51,500) $ 478.540 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, 55 par value Pald-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 64, 141 13. Joe 77,441 59,500 136,941 $ 131, 175 8,200 139,375 59,750 199,125 161,250 179, 250 54,000 125.440 $ 546,631 118,165 $ 478.540 The following information applies to the questions displayed below) Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (l) 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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 175.ee 99.500 617,500 892,000 364.600 (163.500) $1,093, 100 $ 119, 100 82,000 537,000 738,100 310,000 109,500) $938.609 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ $ 109,000 39,000 148,000 82,000 30.600 112,600 605,200 215,30 124,100 $1,093, 100 579,000 176,500 70,500 $938.600 The following information applies to the questions displayed below.) 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, (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 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 66,400 82,389 292,156 1,320 442,256 146,500 (42,125) $ 546,631 $ 84,500 61,625 262,800 2,115 411.0.40 119,000 (51,500) $ 478.540 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, 55 par value Pald-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 64, 141 13. Joe 77,441 59,500 136,941 $ 131, 175 8,200 139,375 59,750 199,125 161,250 179, 250 54,000 125.440 $ 546,631 118,165 $ 478.540 The following information applies to the questions displayed below) Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (l) 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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 175.ee 99.500 617,500 892,000 364.600 (163.500) $1,093, 100 $ 119, 100 82,000 537,000 738,100 310,000 109,500) $938.609 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ $ 109,000 39,000 148,000 82,000 30.600 112,600 605,200 215,30 124,100 $1,093, 100 579,000 176,500 70,500 $938.600

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