the year, $(1)$ all sales are credit sales, $(2)$ all credits to Accounts Receivable reflect cash receipts trom 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

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

Common stock, $$2$ par value

Paid$-$in capital in excess of par value, common stock

Retained earnings

Total liabilities and equity

$\backslash$table$[[$$$184,000,$$$129,000$