Hi ! Can I PLEASE get a full Answer including the figures.
(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 $ 173,000 $ 116,900 Accounts receivable 96,500 80,000 Inventory 614,500 535,000 Total current assets 884,000 731,900 Equipment 359, 200 308,000 Accumulated depreciation-Equipment (162,500) (108,500) Total assets $ 1,080,700 $ 931,400 Liabilities and Equity Accounts payable $ 105,000 $ 80,000 Income taxes payable 37,000 29,600 Total current liabilities 142,000 109,600 Equity Common stock, $2 par value 602,800 577,000 Paid-in capital in excess of par value, common stock 212,200 173,500 Retained earnings 123,700 71,300 Total liabilities and equity $ 1,080, 700 $ 931,400 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 $ 1,837,000 1,095,000 742,000 503,000 54,000 185,000 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 $ 1,837,000 1,095,000 742,000 503,000 54,000 185,000 34,600 $ 150,400 Additional Information on Current Year Transactions a. Purchased equipment for $51,200 cash b. Issued 12,900 shares of common stock for $5 cash per share. c. Declared and pald $98,000 in cash dividends. required: "repare a complete statement of cash flows using a spreadsheet under the Indirect method (Enter all amounts as positive values. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flowe For Current Year Ended December 31 December 31, Prior Analysis of Changes Year Debit Credit December 31 Current Year Balance sheet-debit balance accounts Cash Accounts receivable $ $ 116,900 80,000 173,000 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Analysis of Changes Year Dobit Credit December 31, Current Year $ Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment $ 173,000 116,900 80,000 535,000 308,000 1.039,900 $ $ 173,000 $ Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 108,500 80,000 29,600 577,000 173,500 71,300 1,039,900 $ $ 0 Statement of cash flows Operating activities ed information Paid-in capital in excess of par value, common stock Retained earnings 173,500 71,300 1,039,900 $ $ 0 Statement of cash flows Operating activities Investing activities Financing activities $ 0 $ 0 Answer 1 of 1 Done Golden Corporation WORKSHEET - Statement of Cash flows For the current year ended December 31 Balance sheet accounts Debit balance Cash Accounts receivable Inventory Equipment Totals Credit balance Accumulated depreciation Accounts payable Income tax payable Common stock (12900*2 = 25800] Paid in capital in excess of par value [12900*(5-2) = 38700) Retained earnings Totals Statements of cash flows Operating activities Net income Depreciation expense Gain on sale of equipment Increase in accounts receivable (96500-80000) Increase in Inventory (614500-535000) Increase in accounts payable (105000-80000) Decrease in income tax payable (37000-29600) Investing activities Purchase of equipment Financing activities Cash dividends paid Issued of common stock (12900*5) Totals Increase in cash Total
