forten company a merchandiser recently completed its calendar year 2015 rations for the year one all sales are credit sales 20 credits two accounts receivable reflect cash receipts from customers

5.00 points Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Forten Company, a merchandiser, recently completed its calendar-year 2015 operations. 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. The company's income statement and balance sheets follow FORTEN COMPANY Comparative Balance Sheets December 31, 2015 and 2014 2015 2014 Assets Cash S 66,249 67,500 56,625 266,656 239,800 1,875 72,825 Prepaid expenses 1,420 Total current assets Equipment 407,150 153,275 (44,350) 365,800 111,000 (51,000) Accum. de Total assets Liabilities and Equity Equipment $ 516,075 $425,800 Accounts payable 58,975 109,850 Short-term notes payable 8,200 5,100 Total current liabilities 67.175 114,950 38,125 105,300 160,750 38,500 153,450 147,750 124,600 Long-term notes payable Total liablities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings 39,000 11,025 24 $ 516,076 425,800 Total liabilitios and equity 2 3 4 6