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FORTEN COMPANY Income Statement For Current Year Ended December 31 1 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 purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. 304, 373,500 191, 150 39,750 158,225 435,200 478,416 127,000 138,500 143,341 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciationEquipment Total assets Liabilities and Equity Accounts payable Longterm notes payable Total liabilities Equity $ 151,400 $ 677 125) 50 , 850 $ 107 , 375 FORTEN COMPANY Comparative Balance Sheets December 31 Common stock, $5 par value Paidin capital in excess of Retained earnings Total liabilities and equity par, common stock Year Current $ 78,400 94,460 304, 156 1! 400 125) (46 , $ 570,791 $ 72,141 71, 20 191,250 66, 170,200 $ 570,791 Year P Fior $ 92,500 69,625 270,800 2,275 (55,500) $ 506,700 143,175 77 9550 220,725 169,250 116,725 $ 506,700