9 0 Part 2 of 2 Required Information Use the following information for the Problems below. [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 Recevable reflect cash receipts from customers, (3) all purchases of Inventory are on 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. 14 points eloos GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 183,000 111,500 629.500 92.000 386200 267.500) $1,242,700 127.900 90,000 545.000 762.900 310.000 (113.500) 967.400 Assets Cash Accounts receivable Inventory Total current ansota Equipment ceum. depreciation Equipment Total sta Liabilities and Equity Recounts payable Income taxes payable Total current liabilities Equity con stock. 52 par value Paid in capital in excess of par value, common stock het ained earning Total abilities and equity $ 125,000 42.000 172,000 $90,000 34,600 124,600 614.500 230,200 125.00 31, 142,700 587.000 180.500 67300 GOLDEN CORPORATION Income statement 9 Total liabilities and equity $1,142,700 #967,400 Part 2 of 2 14 points GOLDEN CORPORATION Tacone Statement For Current Year Ended December 31 Sales $1,887,000 Cost of goods sold 1,105,000 Grosa profit 782,000 Operating expenses Depreciation expense $ 54,000 Other expenses 513,000 567,000 Income before taxes 215,000 Income taxes expense 48,600 Net Income $ 166,400 eBook Additional Information on Current Year Transactions a. Purchased equipment for $68,200 cash. b. Issued 13,900 shares of common stock for $5 cash per share. c. Declared and paid $108,000 in cash dividends. Problem 12-8AB Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be Indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cach fine fara inn av 9 Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amou indicated with a minus sign.) art 2 of 2 ints GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash received from customers 1,865,500 Cash paid for inventory (1,032,900) Cash paid for other expenses Cash paid for income taxes 61,000 eBook $ 893,600 68,200 68,200 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment Net cash used in investing activities Cash flows from financing activities Cash received from issuing stock Cash borrowed on short-term note Cash paid for dividends Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year 100,000 108,000 1.069,800 $ $ 1,069,800