Forten company,a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credited sales, (2) all credit to accounts receivable reflects cash receipts from customers, (3) all purchases off inventory are on Credit, (4) all debit to accounts payable reflects cash payments for inventory, (5) other expenses are in advanced and are initially debit to the to prepaid expenses. the company's income statement and balance sheets follow.

conpony s ncorme statement and balance shee FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets 52,900 $ cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 75,500 52,625 253,800 1,995 383,920 110,000 68,810 278,656 1,270 401,636 155,500 (37,625) 519,511 Liabilities and Equity Accounts payable short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity (47,000) 446,920 117,675 6,400 124,075 50,750 174,825 152,250 55,141$ 10,600 65,741 64,000 129,741 166, 750 39,500 183,520 119,845 s 519,511 $ 446,920 FORTEN COMPA Income Statement