2 Required information [The following information applies to the questions displayed below.] 0 Oints Golden Corp., a merchandiser, recently completed its 2017 operations. 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 credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow. eBook GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 Print 2017 2016 References $ 169,000 90,500 608,500 868,000 348,400 (160,500) $1,055,900 $ 112,500 76,000 531,000 719,500 304,000 (106,500) $ 917,000 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 $ 97,000 33,000 130,000 $ 76,000 27,600 103,600 602,000 201,000 122,900 $1,055,900 573,000 167,500 72,900 $ 917,000 $1,817,000 1,091,000 726,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 499,000 Income before taxes Income taxes expense Net income 553,000 173,000 29,000 $ 144,000 Additional Information on Year 2017 Transactions O Search i Additional Information on Year 2017 Transactions 0 Dints a. Purchased equipment for $44,400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 in cash dividends. eBook Required: Prepare a complete statement of cash flows, report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Print GOLDEN CORPORATION References Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: $ 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0 $ 0 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year $ 0