Google Translate QuickLaunchs Single Assignments: 2020SP Prin Required information [The following information applies to the questions displayed below.) Golden Corp., a merchandiser, recently completed its 2017 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 company's balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 176,000 101,800 619,000 896,800 367, 300 (164,000) $1,099,300 $ 120,200 83,000 538,000 741,200 311,000 (110,000) $ 942,200 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 $ 111,000 40.000 151,000 $ 83,000 31,100 114,100 616,000 208,000 124,300 $1,099, 300 580,000 178,000 70, 100 $ 942,200 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $1,852,000 Cost of goods sold 1,098,888 Gross profit 754,000 Operating expenses Depreciation expense $ 54,080