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art 1 of 2 ints Skipped eBook Print eferences Required information The following information applies...

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art 1 of 2 ints Skipped eBook Print eferences Required information 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 Assets GOLDEN CORPORATION Comparative Balance Sheets December 31 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities zquity Common stock 2 par value Paid in capital in excess of par value common stock B Current Year 172 000 95 000 613 000 880 000 356 500 162 000 1 074 500 103 000 36 000 139 000 601 600 210 400 133 600 Prior Year 115 800 79 000 534 000 728 800 307 000 108 000 927 800 79 000 29 100 108 100 576 000 172 000 71 700

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