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Hello, I would like some assistance on this question, please. I have tried to figure it out, but I am not getting anywhere. I have
Hello, I would like some assistance on this question, please. I have tried to figure it out, but I am not getting anywhere. I have attached the photos. For the last photo, which is the photo of the ledger, there are 11 transactions that need to be posted to the ledger. I did not want to upload all 11 individual fields as not to confuse anyone.
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 $ 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 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 $ $ 87,000 28,000 115,000 71,000 25,000 96,000 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 $ 899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,792,000 Cost of goods sold 1,086,000 Gross profit 706,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548,000 Income before taxes 158,000 Income taxes expense 22,000 Net income $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. GOLDEN COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: GOLDEN COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Journal entry worksheet 12 3 4 6 7 8 11 > Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general journalStep by Step Solution
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