CDIL tO Accounts Paydble rellect cash payments for inventory, and (5) Other Ex and are initially debited to Prepaid Expenses. The company's income statement and balance FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 75,400 $ 90,500 67,625 268,800 2,235 429,160 125,000 91,440 301,156 1,380 469,376 140,580 (45,125) (54,500) $564,751 $ 499,666 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 70,141 $140,175 15,109 9,40e 149,575 65,750 141,741 215,325 85,241 56,500 196,750 54,500 167,250 171,768117,885 $564,751 $499,660 Next