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Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, ( 1 ) all sales are credit sales, (

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 purchiases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory.
\table[[\table[[FORTEN COMPANY],[Income Statement],[For Current Year Ended Dece]],ber 31,],[s.,,$652,500
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