Use the following information for the Problems below. [The following information applies to the questions displayed below) Golden Corp's current year Income statement, comparative balance sheets, and additional information follow. For the year, (y 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 (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year pelor rear Assets Cash Accounts receivable Inventory Total current assets Equipoent Accun depreciation Equipment Total assets $164,000 83,000 601,000 148,000 335,000 (158,000) $1,025,000 $ 107,000 71.000 526,000 704,000 299,000 (104,000) $ 899,000 $ 87,000 28,000 115,000 $ 71,000 25,000 96,000 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Paid in capital in excess of par value common stock Retained earnings Total Hibilities and equity 592,000 196,000 122.000 $1,025,000 568,000 160,000 25.000 $ 899,000 Saved muiz - Statement of Cash Flows i saved GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 Income before taxes Income taxes expense Net income $1,792,000 1,086,000 7 706,000 548,000 158,000 22,000 $ 136,000 Additional Information on Current Year Transactions 7 a. Purchased equipment for $36,000 cash b. Issued 12,000 shares of common stock for $5 cash per share c. Declared and paid $89.000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities 0 Cash flows from financing activities 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ o w DAL