Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year....
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Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Total current assets: Equipment Accumulated 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 GOLDEN CORPORATION Current Year Prior Year $ 184,000 $129,000 113,000 91,000 631,000 546,000 928,000 766,000 388,900 (168,000) 319,000 (114,000) $ 1,148,900 $127,000 $ 971,000 $91,000 35,100 48,000 175,000 126,100 616,000 588,000 232,000 190,000 125,900 66,900 $ 1,148,900 $ 971,000 Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Total current assets: Equipment Accumulated 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 GOLDEN CORPORATION Current Year Prior Year $ 184,000 $129,000 113,000 91,000 631,000 546,000 928,000 766,000 388,900 (168,000) 319,000 (114,000) $ 1,148,900 $127,000 $ 971,000 $91,000 35,100 48,000 175,000 126,100 616,000 588,000 232,000 190,000 125,900 66,900 $ 1,148,900 $ 971,000
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