The following information applies to the questions displayed below.) Golden Corporation's current year Income statement, comparative balance sheets, and additional information follow. 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Canh $ 169,000 $ 112,500 Accounts receivable 90,500 76,000 Inventory 608,500 531,000 Total current asseta 868,000 719,500 Equipment 348,400 304,000 neeumulated depreciation Equipment 160,500) (106,500) Total assets $ 1,055,900 $ 917.000 Liabilities and Equity Accounts payable $97.000 $76.000 Income taxes payable 33.000 27,600 Total current abilities 130.000 103600 Equity Common stock, 52 par value 598,000 573,000 Paid-in capital in excess of par value, common stock 205,000 167,500 Retained earning 122/200 22,900 Total liabilities and equity $ 1,055, 900 5 917,000 GOLDEN CORPORATION Income statement For current Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses (excluding depreciation Depreciation expense Income before taxes Income taxes expense Net Inco 31.019,000 1209,000 726,000 499,000 54,000 193,000 29.000 $ 144,000 Required information MULLIMIN Statement of Cash Flows 2 For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations. Income statement items not affecting cash bok Changes in current assets and current liabilities onces Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (t) 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, and (5) any change in Income Taxes Payable reflects the accruel and cash payment of taxes. GOLDEN CORPORATION Comparative Balance sheets December 31 Current Year Prior Year S 16000 90 500 KOB,500 868,000 348, 400 180.500 1, US5.900 $ 112,500 76,000 50.000 79.500 304,000 (106 500) $.917.000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total Assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Connon stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity 9.000 30 000 130. 75.000 22.600 102.600 59.000 20,000 122,00 1.955 523,000 262,500 2900 $17.000 GOLDEN CORPORATION Incore Statement Tor Current Year Ended December Sales Cost of goods sold drous profit Operating expenses (excluding depreciation Depreciation expenne Income before taxes Income taxes expense Net Income S000 L2 02 4900 50.000 120 2005 49.000 Additional Information on Current Year Transactions a. Purchased equipment for $44.400 cash b. Issued 12.500 shares of common stock for $5 cash per share c. Declared and paid $94.000 in costi dividends. Required information Spreadsheet for Siement el Cash Flows For Current You Ended December 31 December 31. Prior Analysis of Changes Year Debit Creo December 31 Current Year $ 169,000 Balance sheet-debit balance accounts Cash Accounts receive Inventory Equipment 112,500 76,000 531,000 304,000 1,023,500 Balance sheet balance boots Accumulated depreciation Equipment Mccounts payable Inces payable Common stock 52 par va Paid in capital in excess of paral, common stock Ruined cas 195,520 76,000 27.800 573,000 157.500 72.900 1.023.500 Stament of cows Operating activities Luis Francis