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, $2 par value GOLDEN CORPORATION Comparative Balance Sheets December 311 Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,872,000 Cost of goods sold 1,102,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash b. Issued 13,600 shares of common stock for $5 cash per share c. Declared and paid $105,000 in cash dividends. 770,000 510,000 54,000 206,000 44,400 $161,600 Current Year Prior Year $ 180,000 $ 124,600 107,000 87,000 625,000 542,000 912,000 753,600 378,100 315,000 (166,000) (112,000) $ 1,124,100 $ 956,600 $ 119,000 $ 87,000 44,000 33,100 163,000 120,100 611,200 584,000 224,800 184,000 125,100 68,500 $ 1,124,100 $ 956,600 Income Statement $ 1,872,000 1,102,000 Sales For Current Year Ended December 31 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. 770,000 510,000 54,000 206,000 44,400 $161,600 roblem 12-8AB (Algo) Direct: Statement of cash flows LO P5 equired: repare a complete statement of cash flows using the direct method for the current year. (Amounts to be dicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year