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Golden Corp., a merchandiser, recently completed its 2017 operations. ...

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Accounting

Golden Corp., a merchandiser, recently completed its 2017 operations.
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Required information The following information applies to the questions displayed below.] Golden Corp, a merchandiser, recently completed its 2017 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 Decenber 31, 2017 and 2016 2017 184,000 129,000 Accounts receivable 113,000 631,000 546.000 Total current asseta 258 000 766,000 388,900 319,000 1168,0001-a14,000) ccum. depreciatLon-Equipment $1,148,900 $ 971,000 Liabilities and Equity ccounts payable Incone taxes payable otal carrent 1iabilities Equity Common stook, $2 par value Pald-in capital in excess of par value,commn stock 127,000 91,000 4800035,109 175,000 126,100 588,000 632, 000 216,000 ,90066,900 Total liabilities and equity $1,148,900 971,000

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