Golden Corp.'s current year income statement, comparative
balance sheets, and additional information follow. 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.
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 | ||||
Additional Information on Current Year Transactions
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Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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. GOLDEN CORPORATION Comparative Balance Sheets...
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...
Golden Corp.'s current year
income statement , comparative balance sheets, and additional
information follow. 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, () 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.
Required: Prepare a...
Golden Corp.'s current year income statement, comparative
balance sheets, and additional information follow. 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.
GOLDEN CORPORATION
Income Statement
For...
Golden Corp's current year income statement, comparative balance sheets, and additional information follow. 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 GOLDEN CORPORATION Comparative Balance Sheets...
Forten Company's current year income statement, comparative balance sheets, and additional information follow. 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, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash...
[The following information applies to the questions displayed below.] Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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...
Required information The following information applies to the questions displayed below.) Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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 (1) 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...
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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...
Required information The following information applies to the questions displayed below.] Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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...