Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hello please complete all the table ! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions
hello please complete all the table
! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Golden Corporation'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, and (5) 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 Assets Cash $ 123,500 Accounts receivable $ 179,000 105,500 623,500 Inventory Total current assets 86,000 541,000 750,500 314,000 (111,500) $ 953,000 908,000 375,400 (165,500) Equipment Accumulated depreciation-Equipment Total assets $ 1,117,900 Liabilities and Equity Accounts payable $ 117,000 $ 86,000 Income taxes payable 43,000 160,000 32,600 118,600 Total current liabilities Equity Common stock, $2 par value 610,000 583,000 Paid-in capital in excess of par value, common stock Retained earnings 223,000 182,500 124,900 68,900 Total liabilities and equity $ 1,117,900 $ 953,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. $ 1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 Problem 12-8AB (Algo) Direct: Statement of cash flows LO P5 Required: Prepare a complete statement of cash flows using the direct 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 Cash received from customers Cash paid for operating expenses 0 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year $ $ $ 0 0 0 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started