2 of 2 Sales Cost of goods sold Gross profit FORTEN COMPANY Income Statement For Current Year Ended December 31 Operating

Question

2 of 2 Sales Cost of goods sold Gross profit FORTEN COMPANY Income Statement For Current Year Ended December 31 Operating expenses excluding depreciation 144 400 32 750 Depreciation expense Other gains losses Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Total assets Equipment Accumulated depreciation Equipment FORTEN COMPANY Comparative Balance Sheets December 31 Liabilities and Equity Accounts payable Long term notes payable Total liabilities Equity 642 500 297 000 345 500 177 150 17 125 151 225 41 050 110 175 Current Year 67 900 83 890 293 656 1 330 446 776 145 500 42 625 549 651 65 141 72 600 137 741 Prior Year 85 500 2 62 263 800 2 135 414 060 120 000 52 000 482 060 132 675 69 150 201 825

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