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Required information [The following information applies to the questions displayed below.) Golden Corporation'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. (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 5 126,800 89,000 544,000 759,800 317,000 (113,000) $963,800 $ 123,000 46,000 169,000 $ 89,000 34,100 123, 100 613,600 228,400 125,500 $ 1,136,500 586,000 187.000 67.70 $963,800 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,882,000 1,104,000 778,000 512,000 54,000 212,000 47,200 $ 164,800 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows $ 164,800 For Current Year Ended December 31 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Depreciation expense Changes in current assets and current liabilities 54,000 $ 218,800 Cash flows from investing activities Cash flows from financing activities: 0 0 $ 218,800 Cash flows from investing activities 0 Cash flows from financing activities: 0 $ 218,800 Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year $ 218,800