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ps://newconnect.mheducation.com/flow/connect.html Saved Help Save & Exit Check m 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 2817 2018 2017 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stork. $5 nar value $52,908 75,588 52,625 253,800 1,995 383,920 68,810 278,656 1,278 401,636 155, 588 11,80 37,625) (47,000) $ 519,511 446,920 $ 55,141 117,675 10,6006400 124,075 50,758 4174,825 65,741 64,800 166.75A 153.25A K Prey 15 of 16 Next> a di

Explanation / Answer

Solution:

Computation of cash received from customers Particulars Amount Beginning accounts receivables $52,625.00 Add: Sales $592,500.00 Less: Ending accounts receivables $68,810.00 Cash received from customers $576,315.00

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