Check my work [The following information applies to the questions displayed below] Golden Corporation's current year...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d32b389da_6826648d32acdc65.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648d32bde26b_6836648d32b790fa.jpg)
Transcribed Image Text:
Check my work [The following information applies to the questions displayed below] Golden Corporation'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, (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 Current Year Prior Year $ 174,000 $ 118,000 Assets Cash Accounts receivable Inventory Total current assets 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 CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $52,900 cash. $ 1,842,000 1,096,000 746,000 504,000 54,000 188,000 36,000 $ 152,000 b. Issued 13,000 shares of common stock for $5 cash per share. c. Declared and paid $99,000 in cash dividends. 98,000 $1,000 616,000 536,000 888,000 735,000 361,900 389,000 (163,000) (109,000) $ 1,086,900 $935,000 $107,000 $ 81,000 38,000 30,100 145,000 111,100 604,000 578,000 214,000 175.000 123,900 70,900 $ 1,086,900 $ 935,000 oblem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 quired: pare a complete statement of cash flows using the indirect method for the current year < Prev 4 of 5 Next > Problem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year < Prev 4 of 5 Next > $ 0 0 0 $ 0 $ 0 Check my work [The following information applies to the questions displayed below] Golden Corporation'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, (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 Current Year Prior Year $ 174,000 $ 118,000 Assets Cash Accounts receivable Inventory Total current assets 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 CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $52,900 cash. $ 1,842,000 1,096,000 746,000 504,000 54,000 188,000 36,000 $ 152,000 b. Issued 13,000 shares of common stock for $5 cash per share. c. Declared and paid $99,000 in cash dividends. 98,000 $1,000 616,000 536,000 888,000 735,000 361,900 389,000 (163,000) (109,000) $ 1,086,900 $935,000 $107,000 $ 81,000 38,000 30,100 145,000 111,100 604,000 578,000 214,000 175.000 123,900 70,900 $ 1,086,900 $ 935,000 oblem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 quired: pare a complete statement of cash flows using the indirect method for the current year < Prev 4 of 5 Next > Problem 12-6A (Algo) Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year < Prev 4 of 5 Next > $ 0 0 0 $ 0 $ 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Prerequisite: You will be using "utils.py" from Python 2 Assignment Task 1) In "utils.py," add a Python function called "calculate_fourier_coefficients" that calculates the coefficients of a Fourier...
-
Henry Hughes, who operates a department store, executed the following instrument: $2,600 Chicago, March 5, 2011 On July 1, 2011, I promise to pay Daniel Dalziel, or order, the sum of Twenty-Six...
-
What is final temperature when a 45.6 g sample of Al at 87.3(C gains 188 J of heat?
-
For the toluene-water system in Example 13-7, we found toluene is the dispersed phase if \(\mathrm{Q}_{\text {solvent }} / \mathrm{Q}_{\text {feed }}=0.2\). Which phase is dispersed if a....
-
Journalize entries for the following situations (assume direct write-off method). Situation 1: Wrote off Kathy Mark as a bad debt two years after the sale of $80. Situation 2: Reinstated Kathy Mark,...
-
Rowley's Radiology Centre (RRC) performs X-rays, ultrasounds, CT scans, and MRIs. RRC has developed a reputation as a top radiology centre in the area. RRC has achieved this status because it...
-
There is a more efficient algorithm (in terms of the number of multiplications and additions used) for evaluating polynomials than the conventional algorithm It is called Horner's method. The...
-
6. could you provide a non-finance example on regression? In particular, detail the process on how you conduct the regression and determine the significance of alpha and beta. 11. According to your...
-
The liquid line departmental manager of Colgate Palmolive, which produces various personal care items including toothpaste is analysing the first 10 months of its performance. The standard ratio of...
-
Imperial Jewelers manufactures and sells a gold bracelet for $ 4 0 9 . 0 0 . The company s accounting system says that the unit product cost for this bracelet is $ 2 6 7 . 0 0 as shown below: Direct...
-
How can businesses use the resources of the Export-Import Bank of the United States to finance global business expansion?
-
What role does statistical mechanics play in elucidating the thermodynamic behavior of complex systems, particularly regarding fluctuations and non-equilibrium phenomena ?
-
A rare disease due to a recessive allele that is lethal when homozygous occurs with a frequency of one in a million. How many individuals in a town of 1,400 can be expected to carry this allele?
-
Independent random samples of sizes n1 = 30 and n2 = 50 are taken from two normal populations having the means 1 = 78 and 2 = 75 and the variances 21 = 150 and 22 = 200. Use the results of Exercise...
-
Graham Inc. acquired all of the outstanding shares of Mahoney Inc. through an exchange of common shares. The aggregate fair value of the Graham shares distributed to the Mahoney shareholders was...
-
After an intense period of negotiation, Global Enterprises Corporation TA 2, 3 agreed to purchase all of the outstanding common shares of The Carlton Corporation. The agreed-upon price was \($294\)...
-
Aussie Steaks Inc. operates a chain of steak restaurants in the United States. On January 1, 2015, the company had \($500\) million in assets. On January 1, 2015, the company acquired 25 percent of...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App