25 4 points Required information (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. eBook Print References FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year 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: $ 72,400 88,420 298,156 $88,500 65,625 266,800 1,368 2,195 460,336 423,128 142,500 123,000 (44,125) (53,500) $558,711 $492,620 $ 68,141 $137,175 14,500 9,000 82,641 146,175 Long-term notes payable. 57,500 63,750 Total liabilities 140,141 209,925 Equity Common stock, $5 par value 185,250 165,250 Paid-in capital in excess of par, common stock 60,000 B 173,320 117,445 Retained earnings Next >