Accounting: Please format the same way question is asked
Golden Corp., a merchandiser, recently completed its 2018 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 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. The companys balance sheets and income statement follow.
Use the following information for the Problems below. [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2018 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 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. The company's balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 164,000 83,000 601,000 I 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 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales $1,792,000 Cost of goods sold 1,086,000 Gross profit 706,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548,000 Income before taxes 158,000 Income taxes expense 22,000 Net income $ 136,000 Problem 12-6A Indirect: Statement of cash flows LO P1, P2, P3 Additional Information on Year 2018 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, 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.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities 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: Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018
