Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. For the year, (1) all...
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Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. 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. The company's income statement, balance sheets, and additional information follow FORTEN COMPANY Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. Total assets $ 51,400 74,500 51,625 252,800 2,025 380,950 109,000 (37,125) (46,599 $516,541 443,450 67,310 277,156 1,300 397,166 156,500 depreciation-Equipment 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 S 54,141 116,175 10,300 E 64,441 64,500 128,941 6,200 122,375 49,750 172,125 151,750 164,750 39,000 183,858 119,575 $ 516,541 443,450
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