HELP!
I need to solve question 5A and 6A which we have to use question 4A info to solve.
I posted a picture of Q4 too for the reference.
All the information you need to solve for those Qs are provided in the pictures. For Q5, the right answer is at the bottom and it should give you $481,000 on Debit and $481,000 for Credit (the same) with the calculations you made above that. I also put the formatting on how the questions should be answered. Please fill each box with the right calculations (for the 3rd picture, the 1st and 3rd row are for the letters that need to be placed according to the list that question 5 gives ex.( a) 136,000 )
To check Q6, they have given me cash used in financial activities to be $ (29,000).
Please answer Q 5-6. When answering please do it in the same order as the formatting sheet I provided. Just fill in the yellow boxes correctly!
PLEASE HELP!!!
3 pic is Q5 formatting sheet
4 pic is Q6 formatting sheet
5 pic is Q4 solved in case needed more info
Thank you so so much!!!!!
i Refer to Forten Company's financial statements and related information in Problem 12-1A Problem 12-3A Direct: Statement of cash Prepare a complete statement of cash flows; report its operating activities according to Disclose any noncash investing and financing activities in a note. flows P1 P3P Check oties 46 22 to the direct method. Cash-secr 00 Golden Corp., a merchandiser, recently completed its 2013 operations, For the year, () all s sales. (2) all credits to Accounts Receivable reflect cash receipts from customers. inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Expenses Problem 12-4A (3) all purchases of Indirect: Statement of inventory, (5) Other cash flows are all cash expenses, and (6) any change in Income Taxes Payable ment of taxes. The company's balance sheets and income statement follow reflects the the accrual and P1 P2 P GOLDEN CORPORATION Comparative Balance Sheets December 31,2013 and 2012 2013 2012 Assets Cash Accounts receivable Merchandise inventory 164,000 $I107.000 83.00071,000 601,000 526,000 335,000 299,000 (158000) (104.000) $1,025,000 $899,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2013 Accum Total assets Liabilities and Equity Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess $1.792000 1,086.000 706.000 Sales Cost of goods sold ."....87.000 $ 71,000 28,000 25000 92,000 568,000 Operating expenses $ 54,000 4,000 Depreciation expense 540,000 of par value, common stock.. Recained earnings Total liabilities and equity 196.000 160,000 75.000 $1025,000 $899.000 Ocher expenses... Income belore taxes Income txxes expense Net income 136.000 Additional Information on Year 2013 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. Prepare a complete statement of cash flows; report its cash inflows and cash outflows from tivities according to the indirect method. activities $122 000 Problem 12-5A Indirect: Cash flows spreadsheet Refer to the information reported about Golden Corporation in Problem 12-4A Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 12A.1; report operating P1 P2 P3 P activities under the indirect method. Identify the debits and credits in the Analysis of Changes columns with letters that correspond to the following list of transactions and events. a. Net income was $136,000. b. Accounts receivable increased. Icontinued on next pagel 484 Chapter 12 Reporting and Analyzing Cash Flows c. Merchandise inventory increased. d. Accounts payable increased. e. Income taxes payable increased. f. Depreciation expense was $54,000. g. Purchased equipment for $36,000 cash. h. Issued 12,000 shares at $5 cash per share i. Check Analysis of Changes column totals, $481,000 Declared and paid $89,000 of cash dividends. Problem 12-6A Direct: Statement of cash flows P1 P3 P5 Refer to Golden Corporation's financial statements and related information in Problem 12-4A Required lete statement of cash flows; report its cash flows from operating activities according to the direct method mhhe.com/wildMA4e Check Cash used in financing activities, $129,000) 4 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Year Ended December 31, 2013 December 31, 2012 Analysis of Changes December 31, 2013 Debit Credit Balance sheet-debits Cash Accounts receivable Merchandise inventory Equipment 107,000 71,000 526,000 299,000 1,003,000 164,000 83,000 601,000 335,000 1,183.000 Balance sheet-credits Accumulated depreciation, equip 104,000 71,000 25,000 568,000 158,000 87,000 28,000 592,000 Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock 5 Retained earnings 160,000 75,000 1,003,000 196,000 122,000 1,183,000 8 Statement of cash flows 9 Operating activities: Net income Increase in accounts receivable 2 Increase in merchandise inventory 3 Increase in accounts payable Increase in income tax payable 5 Depreciation expense 6 Investing activities: 7 8 Financing activities: 39 10 Payment for equipment issued common stock for cash Paid cash dividends 481,000 481,000 12 GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities: Cash received from customers (Note 1) Cash paid for merchandise (Note 2) Cash paid for other operating expenses Cash paid for income taxes (Note 3) Net cash provided by operating activities Cash flows from investing activities: Cash paid for equipment Cash flows from financing activities: Cash from issuing stock Cash paid for cash dividends Net cash used in financing activities Net increase in cash Cash balance at December 31, 2012 Cash balance at December 31, 2013 Supporting Calculations: Note 1: Sales Increase in receivables Cash received from customers Note 2: Cost of goods sold Increase in inventory Increase in accounts payable Note 3: Income taxes expense Increase in income taxes payable GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities: 136,000 Net income Adjustments to reconcile net income to net cash provided by operating activities Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in taxes payable Depreciation expense (12,000) (75,000) 16,000 3,000 54,000 Net cash provided by operating activities $ 122,000 Correct Cash flows from investing activities: Cash paid for equipment (36,000) Correct Cash flows from financing activities: Cash received from issuing stock Cash paid for cash dividends Net cash used in financing activities 60,000 (89000) (29,000) Correct $ 57,000 Correct! 107,000Correct! $ 164,000 Correctl Net increase in cash Cash balance at December 31, 2012 Cash balance at December 31, 2013
