Statement of cash flow

Use the following information for the Problems below. Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (0 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 2816 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets s69,400 86,5ee 63,625 264,880 2,155 85,400 295,156 451 29417,e88 451,296 144,580 121,800 125) (52,588) 552,671 485,580 Liabilities and Equity Accounts payable Short-term notes payable Total current 1iabilities Long-term notes payable Total 1iabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings 66,141 134,175 13.9808,60 80,041 142,775 61,75e 204,525 58,500 138,541 163,250 50,500 174,880 117,805 552,671 485,580 Total liabilities and equity