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Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the...

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Accounting

Golden Corporation'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) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.
\table[[\table[[GOLDEN CORPORATION],[Comparative Balance Sheets],[December 31]],Current Year,Prior Year],[\table[[Assets],[Cash],[Accounts recelvable],[Inventory],[Total current assets],[Equipment],[Accumulated depreciation-Equipment]],,\table[[$107,000
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