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Golden Corp., a merchandiser, recently completed its 2015 operations. For the year, (1) all sales...

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Golden Corp., a merchandiser, recently completed its 2015 operations. 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2015 and 2014 20152 2014 Assets Cash Accounts receivable Inventory $ 220,000 $156,000 93,000 78,000 629,000 540,000 Total current assets Equipment Accum. depreciation-Equipment 942,000 774,000 370,000 327,000 181000 (118,000) Total assets $1,131,000 $983,000 Liabilities and Equity Accounts payable Income taxes payable $ 95,000 85,000 44,000 39,000 Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 39,000 124,000 622,000 596,000 213,000 174,000 157,000 89,000 Total liabilities and equity $1,131,000 $983,000

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