{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T06:13:37-04:00", "answer_date": "2024-05-26 06:13:37", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1724918", "url": "\/study-help\/questions\/use-the-following-information-for-the-problems-below-the-following-1724918", "question_creation_date_js": "2024-05-26T06:13:37-04:00", "question_creation_date": "May 26, 2024 06:13 AM", "meta_title": "[Solved] Use the following information for the Pro | SolutionInn", "meta_description": "Answer of - Use the following information for the Problems below. [The following information applies to the questions displayed be | SolutionInn", "meta_keywords": "information,problems,below,applies,questions,displayed,forten,company,s,current,year,income", "question_title_h1": " 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", "question_title": " Use the following information for the Problems below. [The following information", "question_title_for_js_snippet": "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 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum, depreciation Equipment Total assets Liabilities and Equity Accounts payable Short term notes payable Total current liabilities Long term notes payable Total liabilities Equity Common stock, $5 par value Paid in capital in excess of par, common stock Retained earnings Total liabilities and equity Current Year Prior Year $ 69,400 85,400 $ 86,500 63,625 264,800 295,156 1,340 2,155 451,296 144,500 417,080 121,000 (43,125) (52,500) $552,671 $ 66,141 13,900 $ 485,580 $ 134,175 8,600 80,041 142,775 58,500 61,750 138,541 204,525 182,250 163,250 57,000 0 117,805 174,880 $ 552,671 $ 485,580 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 33,750 $ 647,500 298,000 349,500", "question_description": "\"image\"image\"image", "transcribed_text": "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 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum, depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity Current Year Prior Year $ 69,400 85,400 $ 86,500 63,625 264,800 295,156 1,340 2,155 451,296 144,500 417,080 121,000 (43,125) (52,500) $552,671 $ 66,141 13,900 $ 485,580 $ 134,175 8,600 80,041 142,775 58,500 61,750 138,541 204,525 182,250 163,250 57,000 0 117,805 174,880 $ 552,671 $ 485,580 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 33,750 $ 647,500 298,000 349,500", "related_book": { "title": "Intermediate Accounting", "isbn": "978-0470613474, 470613475, 978-0470616314", "edition": "IFRS edition volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/255.jpg", "uri": "\/textbooks\/intermediate-accounting-ifrs-edition-volume-2-255", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8854731614", "uri": "\/textbooks\/ani-droids-1st-edition-979-8854731614-96950", "name": "Ani Droids", "edition": "" }, "question_posted": "2024-05-26 06:13:37", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/can-you-describe-the-initialisation-exploration-and-exploitation-phases-of-655149", "description": "Can you describe the initialisation, exploration and exploitation phases of the cat hunting optimisation algorithm?", "stars": 0 }, { "url": "\/briefly-explain-how-the-gps-global-navigation-satellite-system-determines", "description": "Briefly explain how the GPS global navigation satellite system determines the position of a transmitter.", "stars": 3 }, { "url": "\/study-help\/principles-and-practice-of-marketing\/identify-the-factors-influencing-foreign-market-entry-strategies-1769771", "description": "identify the factors influencing foreign market entry strategies", "stars": 3 }, { "url": "\/study-help\/psychology\/2-determine-a-signal-to-indicate-that-you-want-everyone-1984026", "description": "2. 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