Use the following information for the Problems below. For rten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the yeer, I) oll sales are cr 3.75 points eceivable reflect cash receipts from customers, (3) ell purchases of inventory are on edit ebits to Accounts Payable reflect cesh peyments 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 December 31, 2017 and 2016 2817 Cash Accounts receivable Inventory Prepaid expenses 89,938 299,656 References 267,800 426,108 124,800 44,625)(54,000) 561,731 496,149 464,856 141,580 Equipment Accun. depreciation-Equipnent Total assets Liabilities and Equity Accounts payable short-tern notes payable Total current liabilities Long-term notes payable $69,141 $ 138,675 83,941 57,000 140,941 147,875 212,625 166,250 117,265 Equity Common stock, $5 par value 4,750 53,580 Paid-in capital in excess of par, common stock Retained earnings 561,731 496,148 Total liabilities and equity