GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 170,000 92,000 610,000 872,000 351,100 (161,000) $1,062,100 $ 113,600 77,000 532,000 722,600 305,000 (107,000) $ 920,600 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 $ 99.000 34.000 133,000 77,000 28,100 105,100 599,200 206,800 123,100 $1,062,100 574,000 169,000 72,500 $ 920,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,822,000 Cost of goods sold 1,092,000 Gross profit 730,000 Operating expenses Depreciation expense $ 54,000 Other expenses 500,000 554,000 Income before taxes 176,000 Income taxes expense 30,400 Net income $ 145,600 Additional Information on Current Year Transactions Additional Information on Current Year Transactions a. Purchased equipment for $46,100 cash b. issued 12,600 shares of common stock for $5 cash per share. c. Declared and paid $95,000 in cash dividendis. Problem 16-6A Indirect: Statement of cash flows LO P2, P3 Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 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: 0 Net increase (decrease in cash Cash balance at December 31. prior year Cash balance at December 31, current year