Help .com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252... UTube Classes N Netflix Dashboard EDU 1011 (2019-F... G Annotated Bibliog. = A Study on Saved FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 69, 400 $ 86, 500 Accounts receivable 85 , 400 63, 625 Inventory 295, 156 264, 800 Prepaid expenses 1, 340 2 , 155 Total current assets 451, 296 417 , 080 Equipment 144, 500 121, 000 Accumulated depreciation-Equipment (43 , 125 (52, 500) Total assets $ 552, 671 $ 485, 580 Liabilities and Equity Accounts payable $ 66, 141 $ 134, 175 Long-term notes payable 72 , 400 70, 350 Total liabilities 138 , 541 204, 525 Equity Common stock, $5 par value 182, 250 163, 250 Paid-in capital in excess of par, common stock 57, 000 Retained earnings 174 , 880 1 17 , 805 Total liabilities and equity $ 552, 671 $ 485, 580 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $18,125 (details in b). b. Sold equipment costing $85,875, with accumulated depreciation of $43,125, for $24,625 cash. c. Purchased equipment costing $109,375 by paying $56,000 cash and signing a long-term notes payable for the balance. d. Paid $51,325 cash to reduce the long-term notes payable. e. Issued 3,800 shares of common stock for $20 cash per share. f. Declared and paid cash dividends of $52,700. Prey 1 of 1 Next F1 DD F3 E4 F5 F6 F7 F8 F9 F10 F11 @ D & W 6 8 O W E R Y U O Pation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F ) YouTube Classes Netflix Dashboard EDU 1011 (2019-F... G Annotated Bibliog.. Saved For Current Year Ended December 31 Sales $ 647, 500 Cost of goods sold 298 , 000 Gross profit 349, 500 Operating expenses (excluding depreciation) $ 145, 400 Depreciation expense 33, 750 179 , 150 Other gains (losses) Loss on sale of equipment (18, 125) Income before taxes 152, 225 Income taxes expense 42, 450 Net income $ 109, 775 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 69, 400 $ 86, 500 Accounts receivable 85 , 400 63, 625 Inventory 295, 156 264, 800 Prepaid expenses 1, 340 2, 155 Total current assets 451, 296 417 , 080 Equipment 144, 500 121, 000 Accumulated depreciation-Equipment (43, 125) (52, 500) Total assets $ 552, 671 $ 485, 580 Liabilities and Equity Accounts payable $ 66, 141 $ 134, 175 Long-term notes payable 72, 400 70, 350 Total liabilities 138,541 204, 525 Equity Common stock, $5 par value 182, 250 163,250 Paid-in capital in excess of par, common stock 57,900 Retained earnings 174,880 117,805 Total liabilities and equity $ 552,671 $ 485, 580 Prey 1 of 1 Next DD F3 F4 F7 F8 F9 @ N 4 6 8 O