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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 Current Year Prior Year $91,500 68,625 269,800 $ 76,900 92,950 302,656 1.390 473,896 139,500 45,625) 5 567,721 2,295 432,180 126,000 155,000 5503,180 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Yotal assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-tere notes payable Total liabilities Equity Common stock 35 par value Paid.in capital in excess of par common stock Retained earnings Total liabilities and equity 5 71,141 15400 86,541 56 000 142,541 $ 141,625 9.600 151,275 66,25e 218,625 165,250 189,50 64,500 170, 980 5567,7 116 $ 50, 180 TV