Golden Corp., a merchandiser, recently completed its 2013 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The companys balance sheets and income statement follow.

10 value: 40.00 points Problem 12-4A Indirect: Statement of cash flows LO P1, P2, P3 Golden Corp., a merchandiser, recently completed its 2013 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2013 and 2012 2013 2012 Assets 230,000 168,000 Cash 101,000 82,000 637,000 544,000 382,000 335,000 Accounts receivable Merchandise inventory Equipment Accum. depreciation Equipment (189,000) (122,000) Total assets $1,161,000 $1,007,000 Liabilities and Equity Accounts payable 103,000 89,000 52,000 43,000 628,000 604,000 214,000 178,000 Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock 164,000 93,000 Retained earnings Total liabilities and equity $1,161,000 $1,007,000