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Thu 4:40 PM Q O ct ml er 16- HOMEWORK -p3&5 Help Save& Exit Submit Check my work Forten Company, a merchandiser, recently completed its calendar-year 2017 ope credit sales, (2) all credits to Accounts are on credit, (4) all debits to Acco advance and are initially debited rations. For the year, () all sales are Recelvable reflect cash receipts from customers, (3) all purchases of inventory unts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in to Prepaid Expenses. The company's income statement and balance sheets follow. f 2 31, 2017 and 2016 201 Cash s 60,400 80, 500 57,625 258,800 2,035 ,960 115,000 (49.500 $534,551 $464,460 76,340 286,156 Prepaid expenses Total current assets Equipment Accum. depreci Total assets 1,280 2:.200300,00 150,500 Liabilities and Equity Short-tern notes payable 12,100 .400 -61,500? 55,150 133,741 188,325 Total liabilities 176,750157,250 Common stock, $5 par value Paid-in capital in excess of par, conmon stock Retained earnings 44,500 $534,551$464,460 1c2 . | of 2 :111] Prev Next >