Golden Corp'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. (5) Other Expenses are all cash expenses, and (6) 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 $ 165,000 84,500 602,500 852, eee 337,600 (158,500) $1,031, 100 $ 108, 109 72,000 527,000 707,100 300,000 (184,500) $ 902,600 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 $ 89,000 29,000 118,000 $ 72,000 25,600 97,600 593,200 197,800 122, 100 $1,031,100 569,000 161,500 74,500 5 902,600 $1,797,000 1,087,000 710,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 495,000 Income before taxes Income taxes expense Net income 549,000 161,000 23,400 $ 137,600 Additional Information on Current Year Transactions a. Purchased equipment for $37,600 cash. b. Issued 12,100 shares of common stock for $5 cash per share. c. Declared and paid $90,000 in cash dividends. Required information GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Net income $ 137,600 Adjustments to reconcile net income to net cash provided by operations: Accounts receivable increase 1,784,500 X Accounts payable decrease (1,009,500) $ 912,600 Cash flows from investing activities $ 912,600 Cash flows from investing activities 0 Cash flows from financing activities: 0 $ 912,600 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ 912,600 The Unwiny Molduonompies Lue queSUIS UISpidyeu veuw Golden Corp.'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. (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes Current Year Prior Year GOLDEN CORPORATION Comparative Balance Sheets December 31 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 $ 165,000 84,500 602,500 852,000 337,600 158,500) $1,031, 100 $ 108, 100 72,000 527,000 707,100 300,000 (104,500) $ 902,600 $ 89,000 29.000 118,000 $ 72,000 25,600 97,600 593,200 197,800 122,100 $1,031, 100 569,000 161,500 74,500 $ 902,600 69 $1,797,000 1,087,000 710,000 income statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 495,000 Income before taxes Income taxes expense Net income 549,000 161,000 23,400 $ 137,600 Additional Information on Current Year Transactions a. Purchased equipment for $37,600 cash. b. Issued 12,100 shares of common stock for $5 cash per share. c. Declared and paid $90,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect me Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method (Enter Required information 2 Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Debit Credit Prior Year December 31, Current Year $ $ 165,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 108.100 72.000 527,000 300,000 1,007,100 IS S 165,000 S Balance sheet credit balance accounts Accumulated depreciation ---Equipment Accounts payable Income taxes payable Common stock. 52 par value Paid.in canital in AXCARS of nar value common 104,500 72.000 25,600 569.000 Prow Required information 161,500 Paid.in capital in excess of par value, common stock Retained earnings 74,500 1,007 100 $ $ 0 Statement of cash flows Operating activities Investing activities Financing activities