Golden Corp., a merchandiser, recently completed its 2015 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.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2015 and 2014
	2015			2014
Assets
Cash	$	192,171		$	115,290
Accounts receivable		86,605			79,605
Inventory		611,740			527,040
Total current assets		890,516			721,935
Equipment		389,715			293,715
Accum. depreciationEquipment		(158,650)			(100,650)
Total assets	$	1,121,581		$	915,000
Liabilities and Equity
Accounts payable	$	124,090		$	60,390
Income taxes payable		26,290			23,790
Total current liabilities		150,380			84,180
Equity
Common stock, $2 par value		530,800			510,800
Paid-in capital in excess of par value, common stock		188,125			160,125
Retained earnings		252,276			159,895
Total liabilities and equity	$	1,121,581		$	915,000

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2015
Sales				$	1,694,600
Cost of goods sold					999,814
Gross profit					694,786
Operating expenses
Depreciation expense	$	58,000
Other expenses		418,922			476,922
Income before taxes					217,864
Income taxes expense					42,483
Net income				$	175,381

Additional Information on Year 2015 Transactions

a.	Net income was $175,381.
b.	Accounts receivable increased.
c.	Inventory increased.
d.	Accounts payable increased.
e.	Income taxes payable increased.
f.	Depreciation expense was $58,000.
g.	Purchased equipment for $96,000 cash.
h.	Issued 10,000 shares at $4.80 cash per share.
i.	Declared and paid $83,000 of cash dividends.

Required:

Prepare a complete statement of cash flows using a spreadsheet; report operating activities under the indirect method. (Enter all amounts as positive values.)

GOLDEN CORPORATION
Spreadsheet for Statement of Cash Flows
For Year Ended December 31, 2015
		Analysis of Changes
	December 31, 2014	Debit	Credit	December 31, 2015
Balance sheetdebit balance accounts
Cash	$115,290			$192,171
Accounts receivable	79,605
Inventory	527,040
Equipment	293,715
	$1,015,650
Balance sheetcredit balance accounts
Accumulated depreciationEquipment	$100,650
Accounts payable	60,390
Income taxes payable	23,790
Common stock, $2 par value	510,800
Paid-in capital in excess of par value, common stock	160,125
Retained earnings	159,895
	$1,015,650
Statement of cash flows
Operating activities
Investing activities
Financing activities