Connect Chapter 16 Homework

Required information Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year 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 advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets 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 $ 73,900 89,500 89,930 66,625 299,656267,800 370 464,856 426,140 141,500 124, 000 54,000 561,731 $496,140 Liabilities and Equity Accounts payable Short-term notes payable Total eurrent 1iabilities Long-term notes payable Total 1iabilities Equity Common stock, $5 par value Paid-in capital in excess of par, eonmon stock Retained @arning Total 1iabilities and equity 69,141 $138,675 9,200 83,941 147,TS 57 9004 750 212, 625 14,800 140,941 94,750 16,250 53,500 561,731 $496,140 Prev 1of lill Next