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Indirect method Golden Corp, a merchandiser, recently completed its 2018 operations. For...

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Accounting

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Indirect method
Golden Corp, a merchandiser, recently completed its 2018 operations. For the year. () 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 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 s 182,800 126,880 89,800 544,800 759,800 317,000 110,800 628,000 920,000 383,500 167,000)(113,000) 9 $1,136, 500 963,880 s 123,000 89,009 34,100 169.08 123,108 46,800 600,400 214,000 172,600 125,500 67,700 628,000 $1,136,500 $ 963,800

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