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Required information Use the following information for the Problems below. [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, (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. FORTEN COMPANY Comparative Balance Sheets December 31 $ 79,900 95,970 70,625 305,656 271,800 482,936 438,220 137,500 128,000 (46,625) (56,000) $573,811 $ 73,141 16,000 10,000 89,141 154,675 55,000 68,750 144,141 223,425 192,750 170,250 67,500 116,545 169,420 $573,811 $682,500 305,000 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. deprec i at ionEquipment Total assets Liabilities and Equity Accounts payable Shortterm notes payable Total current liabilities Longterm notes payable Total liabilities Equ i t y Common stock, $5 par value Paidin capital in excess of Retained earnings Total liabilities and equity Current Year 1,410 par , common stock Prior Year $ 93,500 2,295 $510,220 $144,675 $510,220 FO r Sales Cost Of goods FORTEN COMPANY Income Statement Current Year Ended December 31 sold