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, ry, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Income taxes payable Total current liabilities Equity Connon 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 Incone before taxes Income taxes expense Net Income $ 1,822,000 1,002,000 730,000 500,000 54,000 176,000 30,400 $ 145,600 Additional Information on Current Year Transactions a. Purchased equipment for $46.100 cash. b. Issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95.000 in cash dividends. Current Year $ 170,000 92,000 610,000 872,000 351,100 (161,000) $ 1,062,100 $ 99,000 34,000 133,000 599,200 206,800 123, 100 $ 1,062,100 Prior Year $ 113,600 77,000 532,000 722,600 305,000 (107,000) $920,600 $ 77,000 28,100 105,100 574,000 100,000 72,500 $ 920,600 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. Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be Indicated with a minus sign. 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, ry, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable GOLDEN CORPORATION Comparative Balance Sheets December 31 Income taxes payable Total current liabilities Equity Connon 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 Incone before taxes Income taxes expense Net Income $ 1,822,000 1,002,000 730,000 500,000 54,000 176,000 30,400 $ 145,600 Additional Information on Current Year Transactions a. Purchased equipment for $46.100 cash. b. Issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95.000 in cash dividends. Current Year $ 170,000 92,000 610,000 872,000 351,100 (161,000) $ 1,062,100 $ 99,000 34,000 133,000 599,200 206,800 123, 100 $ 1,062,100 Prior Year $ 113,600 77,000 532,000 722,600 305,000 (107,000) $920,600 $ 77,000 28,100 105,100 574,000 100,000 72,500 $ 920,600 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. Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be Indicated with a minus sign.

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