Golden Corp., a merchandiser, recently completed its 2018 operations. For the year, (1) all sales...
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Golden Corp., a merchandiser, recently completed its 2018 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, 2018 and 2017 2018 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. 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 $ 179,000 123,500 86,000 750,500 314,000 111,500 $1,117,900 $ 953,000 105,500 623,500 541,9 908,000 375,400 165,500 $ 117,000 43,000 160,0001 86,000 32,600 118,600 595,000 170,500 68,900 $1,117,900 $ 953,000 622,000 211,000 124,900
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