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[The following information applies to the questions displayed below] Golden Corp.. a merchandiser, recently completed its 201':Ir operations. For the year, {1} all sales are

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[The following information applies to the questions displayed below] Golden Corp.. a merchandiser, recently completed its 201':Ir operations. For the year, {1} all sales are credit sales. {2} all credits to Accounts Receivable reect 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 [5] any change in Income Taxes Payable reects the accrual and cash payment of taxes. The company's balance sheets and income statement follow. ns-ts Cash $ 161,000 5 110.300 Accounts receivable BT,500 74,000 Inventory 605.500 529.000 Total current assets 360,000 ?13,300 Equipment 343.000 302.000 Accum. depreciationEquipment !159,500l l105,500! Total assets $1,043,500 5 905,300 Liabilities and Equity Accounts payable 5 93.000 5 74.000 Income taxes payable 31,000 26,600 Total current liabilities 124,000 100,600 Equity Common stock, $2 par value 590.000 571.000 Paid-in capital in excess of par value, common stock 199,000 164,500 Retained earnings 122,500 73.?00 Total liabilities and equity $1,043,500 $ 909,300 \fCash tic-.Ivs trcm cperating activities 140.300 Adjustments to reccncile net inccme tc net cash prcvided by cperaticns: Accwnts receivable increase lnventcry increase Accwnts payable increase lnccme taxes payable increase Depreciaticn expense Net cash used in cperating activities 140.300 Cash tic-.Ivs trcm investing activilies: Cash paid for equipment Net cash used in investing activities Cash tic-.Ivs trcm financing activities: Cash received from stcclc issuance Cash paid for cash dividends Net cash used in nancing activities Net increase [den-ease} in cash 140.300 Cash balance at beginning cf year Cash balance at end at year 140.300

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