Managerial Accounting-Final 2017-Take Home Problems Golden Corp., a merchandiser, recently completed its 2017 operations. For year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases 20 Points of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for ventory. (5) Other Expenses are all cash exp, and (6) any change in Income Taxes Payable reflects GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 the accrual and cash payment of taxes. The company's balance sheets and income statement follow 129,000 69,000 88,000 611,000 343,000 (163,000) Merchandise 531,000 309,000 (109,000) 929,000 Total assets Liabilities and Equity S1,081,00 88,000 76,000 Income taxes 30,000 stock, $2 par PIC excess of par CS 165,000 142,000 80,000 Total liab & S 1,081,000 929,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 1,817,000 1,091,000 Gross profit Oper expenses: S 4,000 499,000 553,000 Income before Inc Tax expense Net income 173,000 131,000