Requlred Information [The following Information applies to the questions displayed below.) 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 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes, GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 181,000 108,500 626, see 916, eee 388, see (166,500) $ 1,130,300 $ 125,700 88,000 543,00 756,700 316,00 (112,500) 5960,200 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Pard.in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 121,000 45,000 166,000 $ 88,000 33.600 121,600 612,400 226,600 125,300 $ 1,130,300 585,000 185,500 68,100 5960,200 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 51.822.000 110,000 294,000 513,000 $4,000 209.00 $ 163,200 Additional Information on Current Year Transactions a. Purchased equipment for $64.800 cash b. Issued 13,700 shares of common stock for $5 cash per shore. c. Declared and paid $106,000 in cash dividends. marine AS positive values.) Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method (Enter all amounts es positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior December 31, Year Debit Credit Current Year $ 181,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 125,700 88.000 543,000 316,000 1,072,700 $ $ 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 112,500 88,000 33,600 585,000 185,500 68,100 1,072,700 s Statement of cash flows Operating activities Required information 88,000 Accounts receivable Inventory Equipment 543,000 316,000 1,072,700 $ S Balance sheel 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 112,500 88,000 33,600 585,000 185,500 68,100 1,072,700 Statement of cash flows Operating activities Investing activities Financing activities [The following information applles to the questions Uisplayed 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 181, eee 108, 500 626,500 916, cee 380,800 (166,589) $ 1,130,300 $ 125,789 88,888 543,eee 756,709 316,000 (112, See) $ 960,200 $ 121,000 45,000 166,000 $ 88,000 33,680 121.600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Connon stock, 52 par value Paid in capital in excess of par value, common stock retained earnings Total 11abelties 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 Income before taxes Income taxes expanse Not Income 612,400 226,600 125,300 $1,130,300 585,000 185, Seo 68100 5960,200 51,872.000 1,103,000 274.000 $11,000 50.00 209,000 $ 163,200 Additional Information on Current Year Transactions o. Purchased equipment for $64,800 cash b.issued 13,700 shares of common stock for $5 cash per share. c. Declared and paid $100,000 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 Year Debit Credit December 31 Current Year $ 125.700 181,000 Balance sheetdebit balance accounts Cash Accounts receivable Inventory Equipment 88,000 543.000 318 000 1.072,700 $ 181,000 $ 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 112,500 88.000 33,000 585.000 185.500 Retained earnings 08 100 1.072.700 $ Statement of cash flows Operating activities Investing actives andros
