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Hi, these are parts to the same question that are all answered with the first screenshot. Please help me out, thanks! Golden Corporation's current year
Hi, these are parts to the same question that are all answered with the first screenshot. Please help me out, thanks!
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. \begin{tabular}{lr} & GOLDENCORPORATIONIncomeStatementForCurrentYearEndedDecember31 \\ Sales & $1,837,000 \\ Cost of goods sold & 1,095,000 \\ Gross profit & 742,000 \\ Operating expenses (excluding depreciation) & 503,000 \\ Depreciation expense & 54,000 \\ Income before taxes & 185,000 \\ Income taxes expense & 34,600 \\ Net income & $150,400 \\ \hline \end{tabular} 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 paid $98,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Required: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus signStep by Step Solution
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