CH 16 Homework - GRADED 6 Saved Help Save & Exit S Check my w 4 Required information Use the following information for the Problems below points 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 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 04:33:25 Skipped GOLDEN CORPORATION Comparative Balance Sheets December 3l, 2017 and 2016 eBook 2017 2016 Ask Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 183,000 127,900 90,000 629,500 545,000 762,900 318,000 (167,500) 113,500 $1,142,700 967,400 Print 111,500 References 924,000 386,200 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 $ 125,000 172,000 630,000 90,000 34.600 7,0005400 124,600 587,000 188,500 125,70067,300 $1,142,700 967,400 215, 000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 $1,887,000 1,105,000 782,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 54,000 513,000567,000 215,000 48,600 166,400 Other expenses Income before taxes Income taxes expense Net income Problem 16-6A Indirect: Statement of cash flowS LO P1, P2, P3 Additional Information on Year 2017 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 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, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year