Golden Corp., a merchandiser, recently completed its 2015 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, 2015 and 2014 2015 2014 Assets Cash Accounts receivable S 217,000 S 153,000 91,000 77,000 627,000 539,000 Total current assets Equipment Accum. depreciation- Equipment 935,000 769,000 367,000 325,000 (179,000) (117,000) Total assets S1,123,000 S 977,000 Liabilities and Equity Accounts payable Income taxes payable S 93,000 S 84,000 48,000 38,000 Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 141,000 122,000 618,000 594,000 209,000 173,000 88,000 155,000 Total liabilities and equity S1,123,000 S 977,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2015 S 1,857,000 1,099,000 Sales Cost of goods sold Gross profit Operating expenses 758,000 Depreciation expense Other expenses S 62,000 507,000 569,000 Income before taxes Income taxes expense 189,000 25,000 Net income S 164,000