Statement of cash flows using direct method

Golden Corp, a merchandliser,recently completed its 2017 operations. For the year,() all sales are credit sales, (2) al 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 2816 2017 Assets Cash Accounts receivable Inventory Total current assets Equipnent Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Conmon stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 170,000 113,600 77,000 532,000 722,600 351,100 305,000 92,000 610,000 872,000 (161,000) (107,999) $1,062,100 % 920,600 $ 99,00e 77,000 28,100 133. 968185,188 34,000 105,100 604,e00 574,000 282,600 169,0e 123,100 72,560 $1,062,100 920,600 GOLDEN CORPORATION