Here is what i have so far (correct and wrong)
The following information applies to the questions displayed below.] Golden Corp, a merchandiser, recently completed its 2018 operations. 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. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash Accounts rece1vable Inventory Total current assets Equipment Accun. depreciation Equipment Total assets Liabilities and Equity Accounts payable Incone taxes payable Total current 11ab111ties Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total 11ab111t1es and equity 170,000 113, 600 77, 600 610,-69532, 800 722, 600 305, 000 (161,) (107,900) $1, 862,180 $ 920, 600 92,000 872,G00 351,100 $ 99, 090 77, 000 34,090 133,000 105, 100 578, B00 164, 200 123,100 72,500 $1,062,188 $ 929,600 604, 000 202, 000 GOLDEN CORPORATION Income Statenent For Year Ended December 31, 2018 Sales cost of goods sold Gross profit Operating expenses S1, 822,000 092,008 730, 000 Depreciation expense 54, 000 other expenses Incone before taxes Incone taxes expense Net income 500,990554,908 176,000 30, 40 S 145, 600 Additional Informatlon on Year 2018 Transactions a. The loss on the cash sale of equipment was $14,125 (details in b b. Sold equipment costing $73,875, with accumulated depreclation of $39,125, for $20,625 cash. c. Purchased equipment costing $105,375 by paying $48,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,900 cash by signing a short-term note payable. e. Paid $54,625 cash to reduce the long-term notes payable. f. Issued 3,400 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $51,900 Required: 1. Prepare a complete statement of cash flows; report its operating activities using the indirect method (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31,2018 Cash flows from operating activities Net income 145,600 Adjustments to reconcile net income to net cash provided by operations: Income statement items not attecting cash 4,000 (15,000) Accounts receivable increase Changes in current assets and current liabilities Inventory increase Accounts payable increase Income taxes payable increase (78,000) 22,000 5,900 Net cash provided by investing activities 134,500 Cash lows from investing actvities Cash paid for equipment 46,100) (46,100) Cash flows from financing activities 63,000 68,000 (54,625) Cash received trom stock issuance Notes payable long-term decrease Net cash used in financing activities Netincrease (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018 76,375 $ 164.775 13,600 $ 278,375
