uneutduorn.comm.tx Problem 12-5AB Direct: Statement of cash flows LO P1, P3, P5 Forten Company, a merchandiser, recently completed its calendar-year 2015 operations. For the year, () 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 companys income statement and balance sheets follow MPANY Comparative Balance Sheets December 31, 2015 and 2014 2015 2014 Assets Cash Accounts receivable Inventory Prepaid expenses $ 98,140 S 73500 58,000 276,000252,000 1,700 Total current assets Equipment Accum. depreciation-Equipment 441 030385,200 156,260108,000 06,250) (46,000) Total assets $561,040447,200 Liabilities and Equity Accounts payable Short-term notes payable $ 96,000$ 111,000 8,000 105,000119,000 48 250 166,000 167 250 163,000150,000 192,950129950 561040 447 200 9 Total current liabilities Long-term notes payable 61,090 Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings 39,000 Total liabilities and equity tein Synthesis....pptx