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 companys balance sheets and income statement follow.

GOLDEN COMPANY
Comparative Balance Sheets
December 31, 2015 and 2014
		2015		2014
Assets
Cash		$164,000		$107,000
Accounts receivable, net		83,000		71,000
Inventory		601,000		526,000
Equipment		335,000		299,000
Accum. depreciationEquipment		(158,000)		(104,000)
Total assets		$1,025,000		$899,000
Liabilities and Equity
Accounts payable		$87,000		$71,000
Income taxes payable		28,000		25,000
Common stock, $2 par value		592,000		568,000
Paid-in capital in excess of par, common stock		196,000		160,000
Retained earnings		122,000		75,000
Total liabilities and equity		$1,025,000		$899,000
GOLDEN COMPANY
Income Statement
For Year Ended December 31, 2015
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
Total operating expenses				548,000
Income before taxes				158,000
Income taxes expense				22,000
Net income				$136,000

Additional Information on Year 2015 Transactions:
	Purchased equipment for $36,000 cash.
	Issued 12,000 shares of common stock for $5 cash per share
	Declared and paid $89,000 in cash dividends. General Journal tab - Reconstruct the entries to summarize the activity between December 31, 2014 and December 31, 2015. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, 2015 using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method.