* Dashboard b 4 Assignments: ACCT102-414 b M Question 7 - HW: Ch 12 State X ar = (G| 25 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fm a e Relaunch to update Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing 6 Saved Help Save & Exit Submit ; Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] 5 Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For points 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 eBook Comparative Balance Sheets December 31 Current Year Prior Year , Assets Ask Cash $ 183,000 $ 127,900 Accounts receivable 111,500 90,000 = Inventory 629,500 545,000 [w ] Total current assets 924,000 762,900 Print Equipment 386,200 318,000 Accumulated depreciation-Equipment (167,500) (113,500) Total assets $ 1,142,700 $ 967,400 ?j Liabilities and Equity References Accounts payable $ 125,000 $ 90,000 Income taxes payable 47,000 34,600 Total current liabilities 172,000 124,600 Equity Common stock, $2 par value 614,800 587,000 Paid-in capital in excess of par value, common stock 230,200 188,500 Retained earnings 125,700 67,300 Total liabilities and equity $ 1,142,700 $ 967,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,887,000 Cost of goods sold 1,105,000 Gross profit 782,000 Operating expenses (excluding depreciation) 513,000 Depreciation expense 54,000 Income before taxes 215,000 7 of 7 it * Dashboard b 4 Assignments: ACCT102-414 b M Question 7 - HW: Ch 12 State X ar = (G| 25 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fm a e Relaunch to update Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing 6 Saved Help Save & Exit Submit ; GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,887,000 Cost of goods sold 1,105,000 5 Gross profit 782,000 points Operating expenses (excluding depreciation) 513,000 Depreciation expense 54,000 Income before taxes 215,000 Income taxes expense 48,600 H Net income $ 166,400 eBook Additional Information on Current Year Transactions g a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. WEF c. Declared and paid $108,000 in cash dividends. Print Regms 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. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash 7 of 7 it * Dashboard b 4 Assignments: ACCT102-414 b M Question 7 - HW: Ch 12 State X ar L3 (G| ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmg... Y D n | e I AR AT Lo E I Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing o Saved Help Save & Exit Submit Required information For Current Year Ended December 31 5 Cash flows from operating activities oints i P Net income | Adjustments to reconcile net income to net cash provided by operations: -| Income statement items not affecting cash eBook Depreciation expense Changes in current assets and current liabilities , Increase in accounts payable Ask Increase in accounts receivable = Increase in inventory Print Increase in taxes payable 0 Net cash provided by operating activities $ 0 References Cash flows from investing activities Cash paid for equipment Net cash used in investing activities Cash flows from financing activities: Cash paid for cash dividends Cash received from stock issuance Net cash used in financing activities Net increase (decrease) in cash $ 0 Cash balance at December 31, prior year :I Cash balance at December 31, current year $ 0