GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 173,000 96,500 614,500 884,000 359, 200 (162,500) $1,080, 700 $ 116,900 80,000 535,000 731,900 308,000 (108,500) $ 931,400 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 $ $ 105,000 37,000 142,000 80,000 29,600 109,600 602,800 212,200 123,700 $1,080,700 577,000 173,500 71,300 $ 931,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,837,000 Cost of goods sold 1,095,000 Gross profit 742,000 Operating expenses Depreciation expense $ 54,000 Other expenses 503,000 557,000 Income before taxes 185,000 Income taxes expense 34,600 Net income $ 150,400 For Current Year Ended December 31 Cash flows from operating activities Net income | $ 150,400 Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase 0 Inventory increase (80,000) Accounts payable increase Income taxes payable increase Depreciation expense $ 70,400 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Net cash used in investing activities Cash flows from financing activities: Cash received from stock issuance Cash paid for cash dividends $ 70,400 Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 70,400