GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 167,000 $…

GOLDEN CORPORATION
Comparative Balance Sheets
December 31

Current Year

Prior Year

Assets

Cash

$
167,000

$
110,300

Accounts receivable

87,500

74,000

Inventory

605,500

529,000

Total current assets

860,000

713,300

Equipment

343,000

302,000

Accum. depreciation—Equipment

(159,500
)

(105,500
)

Total assets

$
1,043,500

$
909,800

Liabilities and Equity

Accounts payable

$
93,000

$
74,000

Income taxes payable

31,000

26,600

Total current liabilities

124,000

100,600

Equity

Common stock, $2 par value

595,600

571,000

Paid-in capital in excess of par value, common stock

201,400

164,500

Retained earnings

122,500

73,700

Total liabilities and equity

$
1,043,500

$
909,800

  

GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31

Sales

$
1,807,000

Cost of goods sold

1,089,000

Gross profit

718,000

Operating expenses

Depreciation expense
$
54,000

Other expenses

497,000

551,000

Income before taxes

167,000

Income taxes expense

26,200

Net income

$
140,800

GOLDEN CORPORATION

Spreadsheet for Statement of Cash
Flows

For Current Year Ended December 31

Analysis of Changes

December 31, Prior Year
Debit
Credit
December 31, Current Year

Balance sheet—debit balance
accounts

Cash
$110,300

$167,000

Accounts receivable
74,000

Inventory
529,000

Equipment
302,000

$1,015,300

$167,000

Balance sheet—credit balance
accounts

Accumulated depreciation—Equipment
$105,500

Accounts payable
74,000

Income taxes payable
26,600

Common stock, $2 par value
571,000

Paid-in capital in excess of par value,
common stock
164,500

Retained earnings
73,700

$1,015,300

$0

Statement of cash flows

Operating activities

Investing activities

Financing activities

$0
$0