GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 166,000 86,000 604,000 856,000 340,300 (159,000) $1,037,300 $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 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 $ $ 91,000 30,000 121,000 73,000 26,100 99,100 594,400 199,600 122,300 $1,037,300 570,000 163,000 74,100 $ 906, 200 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,802,000 Cost of goods sold 1,088,000 Gross profit 714,000 Operating expenses Depreciation expense $ 54,000 Other expenses 496,000 550,000 Income before taxes 164,000 Income taxes expense 24,800 Net income $ 139,200 Additional Information on Current Year Transactions a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31, Current Year $ $ 166,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 109,200 73,000 528,000 301,000 1,011,200 $ $ 166,000 $ Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 105,000 73,000 26,100 570,000 163,000 74,100 1,011,200 $ $ 0 Statement of cash flows Operating activities Investing activities Financing activities 0 $ 0