I'm not sure where the mess-up is...
R 5 Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Part 2 of 2 GOLDEN CORPORATION Comparative Balance Sheets December 31 5 points Current Year Prior Year $ 169,000 90,500 608,500 868,000 348, 400 (160,500) $1,055,900 $ 112,500 76,000 531,000 719,500 304,000 (106,500) $ 917,000 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained ngs Total liabilities and equity $ $ 76,000 97,000 33,000 130,000 27,600 103,600 598,000 205,000 122,900 $1,055,900 573,000 167,500 72,900 $ 917,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,817,000 Cost of goods sold 1,091,000 Gross profit 726,000 Operating expenses 5 Part 2 of 2 Part 2012 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,817,000 Cost of goods sold 1,091,000 Gross profit 726,000 Operating expenses Depreciation expense $ 54,000 Other expenses 499,000 553,000 Income before taxes 173,000 Income taxes expense 29,000 Net income $ 144,000 5 points Additional Information on Current Year Transactions a. Purchased equipment for $44,400 cash. b. Issued 12,500 shares of common stock for $5 cash per share. c. Declared and paid $94,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) X Answer is not complete. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Debit Credit Prior Year December 31, Current Year Swidual DELI was FIUWS Required information December 31, Prior Year Debit Credit December 31, Current Year Pan 2012 Part 2 of 2 Balance sheet-debit balance accounts Cash $ 112,500 $ $ 169,000 90,500 Accounts receivable 5 points 56,500 X 14,500 77,500 44,400 608,500 76,000 531,000 304,000 1,023,500 Inventory Equipment 348,400 $ $ 1,216,400 $ $ Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 106,500 76,000 27,600 573,000 54,000$ 21,000 5,400 160,500 97,000 33,000 25,000 598,000 167,500 37,500 205,000 72,900 $ 1,023,500 $ 1,093,500 Statement of cash flows Operating activities 21,000 Increase in accounts payable Increase in accounts receivable Increase in inventory 14,500 77,500 Daid in manitol in avance of nor wala namman 5 Required information $ 1,023,500 $ 1,093,500 Part 2 of 2 Statement of cash flows Operating activities Increase in accounts payable Increase in accounts receivable 21,000 5 points 14,500 Increase in inventory 77,500 Investing activities Financing activities Issued common stock for cash 62,500 Paid cash dividends 94,000 $ 276,400 $ 328,900
