Opeiauos. r the yedl, (ij dil sales are credit sales, (2) al to Accounts Receivable reflect cash receipts from customers, B) 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 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment 5 183,000 127,900 90,889 629,500 545,009 762,980 111,500 924,609 762. 386,200 318,000 (167,500) 113,580) 1,142,78 967,400 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 125,e00 90,0e0 47.000 34,600 172,00 4 124,609 630,000 587,000 215,000 125,709 67,309 188,589 51,142,700 967,48 GOLDEN CORPORATION Income Statement