Very important please be correct thank you Golden Corporation's current year income statement, comparative balance sheets, and additional information are detailed below. The transactions are based on the following assumptions: (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.---**GOLDEN CORPORATION****Comparative Balance Sheets** *December 31* | Assets | Current Year | Prior Year || --- | --- | --- || Cash | $181,000 | $125,700 || Accounts receivable | 108,500 | 88,000 || Inventory | 626,500 | 543,000 || **Total current assets** | 916,000 | 756,700 || Equipment | 380,800 | 316,000 || Accumulated depreciation—Equipment | (166,500) | (112,500) || **Total assets** | $1,130,300 | $960,200 || Liabilities and Equity | | || --- | --- | --- || Accounts payable | $121,000 | $88,000 || Income taxes payable | 45,000 | 33,600 || **Total current liabilities** | 166,000 | 121,600 || Equity | | || --- | --- | --- || Common stock, $2 par value | 612,400 | 585,000 || Paid-in capital in excess of par value, common stock | 226,600 | 185,500 || Retained earnings | 125,300 | 68,100 || **Total liabilities and equity** | $1,130,300 | $960,200 |---**GOLDEN CORPORATION****Income Statement** *For Current Year Ended December 31* | | || --- | --- || Sales | $1,877,000 || Cost of goods sold | 1,103,000 || **Gross profit** | 774,000 || Operating expenses (excluding depreciation) | 511,000 || Depreciation expense | 54,000 || **Income before taxes** | 209, Certainly! Here's a transcription designed for an educational website:---**Golden Corporation****Statement of Cash Flows****For Current Year Ended December 31****Cash Flows from Operating Activities**- [Blank line for data input]- [Blank line for data input]- [Blank line for data input]- [Blank line for data input]- [Blank line for data input]- [Total for Operating Activities (typically indicated)]**Cash Flows from Investing Activities**- [Blank line for data input]- [Blank line for data input]- [Blank line for data input]- [Total for Investing Activities (typically indicated)]**Cash Flows from Financing Activities**- [Blank line for data input]- [Blank line for data input]- [Blank line for data input]- [Total for Financing Activities (typically indicated)]**Net Increase (Decrease) in Cash**- [Net Increase/Decrease (typically a summary)]**Cash Balance at December 31, Prior Year**- [Previous Year's Cash Balance]**Cash Balance at December 31, Current Year**- [Current Year's Cash Balance]---### Explanation for Students:The Statement of Cash Flows outlines the cash inflows and outflows during a given period. Here, it’s organized into three main categories:1. **Operating Activities**: These include transactions related to the production of goods or services.2. **Investing Activities**: These cover cash used for investing in future projects such as equipment or securities.3. **Financing Activities**: These involve raising cash by issuing debt or equity and paying obligations like loans and dividends.Note that negative amounts are indicated with a minus sign as instructed. This statement helps stakeholders understand how the company generates and uses its cash, providing insights into the financial health and operations of the business.

The cash flow statement is prepared to estimate the ending cash balance at the end of the year. The…

formation follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash eceipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect ash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash ayment of taxes. Assets Cash Accounts receivable Inventory Total current assets GOLDEN CORPORATION Comparative Balance Sheets. December 31 Equipment Accumulated depreciation-Equipment Total assets 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 GOLDEN GORRORARTON Current Year $ 181,000 108,500 626,500 916,000 380,800 (166,500) $ 1,130,300 $ 121,000 45,000 166,000 612,400 226,600 125,300 $ 1,130,300 Prior Year $ 125,700 88,000 543,000 756,700 316,000 (112,500) $ 960,200 $ 88,000 33,600 121,600 585,000 185,500 68,100 $ 960,200