GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 170,000 92,000 610,000 872,000 351,100 (161,000) $1,062,100 $ 113,600 77,000 532,000 722,600 305,000 (107,000) $ 920,600 Assets Cash Accounts receivable Inventory Total current assets Equipment 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 $ $ 99,000 34,000 133,000 77,000 28,100 105,100 599,200 206,800 123,100 $1,062,100 574,000 169,000 72,500 $ 920,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,822,000 Cost of goods sold 1,092,000 Gross profit 730,000 Operating expenses Depreciation expense $ 54,000 Other expenses 500,000 554,000 Income before taxes 176,000 Income taxes expense 30,400 Net income $ 145,600 Additional Information on Current Year Transactions a. Purchased equipment for $46,100 cash. b. Issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95,000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities olo $ Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 0