Required information Use the following information for the Problems below Forten Company, a merchandiser, recently completed its calendar-year 2017 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 and balance sheets follow FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2016 2017 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 75,400 $ 90,500 67,625 268,800 2,235 429,166 125,000 91,440 301,156 1,380 469,376 140,500 45,125 54,500 $ 564,751 499,660 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 $ 70,141 $ 140,175 9,400 149,575 65,750 215,325 15,100 85,241 56,500 141,741 196,750 54,500 171,766 167,2560 117,085 $ 564,751 $ 499,660