Forten Company, a merchandiser, recently completed its calendar-year 2017 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 companys income statement and balance sheets follow.

Additional Information on Year 2017 Transactions

The loss on the cash sale of equipment was $21,125 (details in b). Sold equipment costing $94,875, with accumulated depreciation of $46,125, for $27,625 cash. Purchased equipment costing $112,375 by paying $62,000 cash and signing a long-term note payable for the balance. Borrowed $5,600 cash by signing a short-term note payable. Paid $58,125 cash to reduce the long-term notes payable. Issued 4,100 shares of common stock for $20 cash per share. Declared and paid cash dividends of $53,300.

please help

ILPUU Lipenses. He company's Income statement and balance sh FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 73,900 $ 89,930 299,656 1,370 464,856 141,500 (44,625) 561,731 $ 89,500 66,625 267,899 2.215 426,140 124, see (54,90 496,148 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, $5 par value Paid in capital in excess of par, common stock Retained earnings Total liabilities and equity 69,141 $ 14.800 83,941 57.000 142,941 138,675 9.200 147,875 64.750 212,625 166,250 194, 750 53,500 172,540 561,731 $ 117 265 496,140 FORTEN CIANY Retained earnings Total liabilities and equity 53,569 172,540 561,731 $ $ FORTEN COMPANY Income Statement For Year Ended December 31, 2017 $ 662,500 301,000 361,500 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income $ 36,750 148,400 185,150 (21,125) 155, 225 46,650 $ 108,575 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $21.125 details in b. Sold equipment costing $94.875. with accumulated depreciation of $46.125, for Purchaser Prinment costing $112.375 by paying $62,000 cash and signing all Required information FORTEN COMPANY Spreadshottor Statement of Cash Flows For Year Ended December 31, 2017 Analysis of Changes December 31, 2016 Debit Credit December 21, 2011 Balance sheet debit Cash $ 73.500 Accounts receivable Inventory Prepaid expenses Equipment 89.500 66,625 267 800 2.215 124.000 550 140 54 000 138.675 9.2001 Balance sheel credit Accumulated depreciation Equipment Accounts payable Short termes payable Long-term notes payable Common stock 55 par va Paid in capital in excess of par value, common stock $4750 166 250 Prey 1 of 2 Next > 9 nd Windows Required formation Retained earnings 117.265 550 100 Investing activities Prey 1 of 2 Next > o Beo 9