Canh Golden Corp's current year income statement, comparative balance sheets, and additional information follow. For the year. () 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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Prior Year Year Assets 0 164.000 $ 107,000 Accounts receivable 83.000 71,000 Inventory 601,000 526,000 Total current anseta 140,000 704,000 Equipment 335,000 299.000 Accum. depreciation Equipment (158,000) (104.000) Total este 31.035,000 $ 299,000 Liabilities and Equity Accounts payable 07.000 $ 11,000 Income taxe payable 20.000 25.000 Total current liabilities 115,000 96,000 Equity Connon stock, 02 par value 592,000 560,000 Pald.in capital in excess of par value, common stock 196.000 160,000 Retained earning 122,000 275.000 Total Habilities and equity $1,025,000 $ 899,000 (158,000) $1,025,000 (104,000) $ 899,000 Accum. 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 87,000 28,000 115,000 $ 71,000 25,000 96,000 592,000 196,000 122.000 $1,025,000 568,000 160,000 75,000 $ 899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,792,000 Cost of goods sold 1,086,000 Gross profit 706,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 540,000 Income before taxes 158,000 Income taxes expende 22,000 Net Income $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Unadjusted Dates: Dec 31 to: Dec 31 General Ledger Account Cash Accounts receivable, not Debit Credit No. Debit Credit Date Dec 31 No. Balance 107.000 Dato Dec 31 Balance 71,000 Inventory No. Equipment Debit Debit Date Dec 31 Credit No. Credit Balance 526,000 Date Dec 31 Balance 299,000 Accounts payable No. Accumulated depreciation - Equipment Date Debit Credit Dec 31 No. Balance 104,000 Debit Credit Date Dec 31 Balance 71,000 Income taxes payable Debit Credit No. Date Dec 31 Common stock, $2 par value Debit Credit No. Balance 25,000 Date Dec 31 Balance 568,000 Pald-in capital in excess of par. Common Retained earnings No. Debit Date Dec 31 Credit No. Balance 160,000 Debit Date Dec 31 Credit Balance 75,000 Engelloul TABIADCA
