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1 Required Information Use the following information for the Problems below. The following information applies to the questions displayed below) 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 $164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $ 107,000 71,000 526,000 704,000 299,000 (104,800) $ 899,000 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, 32 par value Paid in capital in excess of par value, common stock Retained warnings Total liabilities and equity 5 7,000 26,000 115,00 $ 21,00 25,000 95,000 592,000 196,00 122,00 $1,025,000 568,000 160,00 25,000 $ 899,000