16 Use the following information for the Problems below. (Algo) [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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 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, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity Current Year $ 179,000 Prior Year $123,500 105,500 86,000 623,500 541,000 908,000 750,500 375,400 314,000 (111,500) 43,000 160,000 (165,500) $1,117,900 $ 117,000 $ 953,000 $ 86,000 32,600 118,600 610,000 583,000 223,000 182,500 124,900 68,900 $1,117,900 $ 953,000 18:06 bk inces Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income $1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. 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. (Amounts to be deducted should be indicated with a minus sign.) 3 nts 32 GOLDEN CORPORATION: Statement of Cash Flows For Current Year Ended December 31 02:47:52 Cash flows from operating activities eBook References 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 0 0 Cash flows from financing activities: :47:44 Required information $ 0 Cash flows from investing activities ok H ences Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0 0 $ 0 $ 0