Forten Company's current year income statement, comparative balance sheets, and additional information follow. 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, and $(4)$ all debits to Accounts Payable reflect cash payments for inventory.

FORTEN COMPANY

Comparative Balance Sheets December $31$

Assets

Cash

Accounts receivable

Inventory

Prepaid expenses

Total current assets

Equipment

Accumulated depreciation$-$Equipment

Total assets

Liabilities and Equity

Accounts payable

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

Current Year Prior Year

$\backslash$table$[[551,400,$$$74,500$