Required information

Use the following information for the Problems below. $($Static$)$

$[$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, and

$(4)$ all debits to Accounts Payable reflect cash payments for inventory.

$\backslash$table$[[,\backslash$table$[[$FORTEN COMPANY$],[$Comparative Balance Sheets$],[$December $31]],$Current Year,Prior Year$],[$Assets$,,,],[$Cash$,,$$$49,800,$$$73,500$

$\backslash$table$[[\backslash$table$[[$FORTEN COMPANY$],[$Comparative Balance Sheets$],[$December $31]],$Current Year,Prior Year$],[$Assets$,,],[$Cash$,$$$49,800,$$$73,500$