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[The following information applies to the questions displayed below.] 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 $ 175,000 99,500 617,500 892.000 364,600 (163,500) $1.093,100 $ 119,100 82.000 537.000 738.100 310,000 (109.500) $938,600 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 Pald-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 109,000 39.000 148,000 $ 82.000 30,600 112,600 614,000 207.000 124,100 $1,093,100 587,800 167700 70.500 $938,600 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 505,000 Income before taxes Income taxes expense Net Income $ 1847000 1,097.000 750,00 559.000 191.000 37,400 $ 153,600 Award: 2.50 points Additional Information on Year 2018 Transactions a. Purchased equipment for $54,600 cash b. Issued 13,100 shares of common stock for $5 cash per share. c. Deciwod and paid $100,000 in cash dividends (109) How to Use ... (53) Small sample h... My Claim *14 indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities: Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018

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