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Required information (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 Prior Year Current Year $ 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 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 $ $ 87,000 28,000 115,000 71.000 25,000 96,000 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 $ 899,000 28.00 115,000 45VUU 96,000 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 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 $ 899,000 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 $1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89.000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year December 31 Current Year Balance sheet debit balance accounts Cash $ $ 164,000 Accounts receivable Inventory Equipment 107,000 71,000 526,000 299,000 1,003,000 $ $ 164,000 $ Balance sheet credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock. $2 par value Paid-in capital in excess of par value, common stock Retained earnings 104.000 71,000 25,000 568,000 160,000 75,000 1,003,000 $ Statement Are WAL Required information Retained earnings 75,000 1,003,000 $ 0 Statement of cash flows Operating activities Investing activities Financing activities 0 $ 0 GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities +0 Cash flows from financing activities $ 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $
