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

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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. GOLDEN CORPORATION Comparative Balance Sheets December 31. 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 COLDEN CORPORATION Income Statement Current Year Prior Year $ 182,000 $126,800 110,000 89,000 628,000 544,000 920,000 759,800 383,500 (167,000) $1,136,500 5.123,000 46,000 169,000 613,600 220,400 125,500 $ 1,136,500 317,000 (113,000) $ 963.800 $ 89,000 34,100 123,100 586,000 187,000 67,700 $ 963.800 COMBICIE BLOUNT OF HAL value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales 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 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. $ 1,882,000 1,104,000 778,000 512,000 54,000 212,000 47,200 $ 164,800 b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. Jo 228,400 125,500 187,000 67,700 $ 1,136,500 $ 963,800 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 Required information 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: < Prev 5 of 14 Next Required information 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 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. GOLDEN CORPORATION Comparative Balance Sheets December 31. 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 COLDEN CORPORATION Income Statement Current Year Prior Year $ 182,000 $126,800 110,000 89,000 628,000 544,000 920,000 759,800 383,500 (167,000) $1,136,500 5.123,000 46,000 169,000 613,600 220,400 125,500 $ 1,136,500 317,000 (113,000) $ 963.800 $ 89,000 34,100 123,100 586,000 187,000 67,700 $ 963.800 COMBICIE BLOUNT OF HAL value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Sales 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 Additional Information on Current Year Transactions a. Purchased equipment for $66,500 cash. $ 1,882,000 1,104,000 778,000 512,000 54,000 212,000 47,200 $ 164,800 b. Issued 13,800 shares of common stock for $5 cash per share. c. Declared and paid $107,000 in cash dividends. Jo 228,400 125,500 187,000 67,700 $ 1,136,500 $ 963,800 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 Required information 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: < Prev 5 of 14 Next Required information 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

Answer rating: 100% (QA)

1 Cash increased by 182000 126800 55200 This was from cash receipts on credit sales 2 Ac... View the full answer