nchpad ! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] 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 Income Statement For Current Year Ended December 31 Sales $ 627,500 Cost of goods sold 294,000 Gross profit Operating expenses (excluding depreciation) $ 141,400 Depreciation expense Other gains (losses) 333,500 29,750 171,150 Loss on sale of equipment Income before taxes Income taxes expense (14,125) 148,225 36,850 Net income Assets Cash Accounts receivable Inventory Prepaid expenses $ 111,375 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 63,400 79,360 $ 82,500 59,625 260,800 2,075 289,156 1,300 433,216 405,000 148,500 Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity (41,125) $ 540,591 117,000 (50,500) $ 471,500 < Prev 10 69 of 10 Next