Golden Corp,. a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to accounts recievable reflect cash reciepts 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 charge in income taxes payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow.

Required information 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 December 31, 2017 and 2016 2017 2016 Asset Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 179,000 123,500 105,500 623,500 908,000 375,400 165,500 111,500) 86,000 541,000 750,500 314,000 $1,117,900 953, 000 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 $ 117,000 86,000 32,600 118,600 43,000 160,000 622,000 211,000 124,900 $1,117,900 583,000 182,500 68,900 953, 000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,867,000 1,101,000 766,000 Depreciation $54,000 509,000 expense Other expenses Income before taxes Income taxes expense Net income 563,000 203,000 43,000 $ 160,000