Help apter 12 0 Saved Use the following information for the Problems below. (The following information applies to the questions displayed below.) Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, () 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, 2017 and 2016 2017 2016 $ 58,900 74,830 284,656 1,270 419,656 151.500 (39,625). $531,531 $ 79,500 56,625 257,800 2,015 395,940 114,000 (49,000) $460,940 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 $ 59,141 11,800 70,941 62,000 132,941 $123,675 7,200 30,875 54,750 185,625 174,750 43,500 180,340 $531,531 156,250 0 119,065 $460,940 FORTEN COMPANY