Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer problem 12-6A ( this is my last home work, I need full mark please ) thank you Problem 12-6A Indirect: Statement of cash

Please answer problem 12-6A ( this is my last home work, I need full mark please ) thank you image text in transcribed
image text in transcribed
image text in transcribed
Problem 12-6A Indirect: Statement of cash flows LO P1, P2, P3 Golden Corp., a merchandiser, recently completed its 2015 operations. For the year, (1) all sales are credit all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of sales, (2) 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, 2015 and 2014 2014 Assets 217,000 153,000 Cash 91.000 77.000 Accounts receivable 627,000 539,000 Inventory 935.000 769.000 Total current assets 367,000 325,000 Equipment 179,000) (117,000) Accum. depreciation-Equipment $1,123,000 977,000 Total assets Liabilities and Equity 93,000 84,000 Accounts payable 48,000 38.000 Income taxes payable 141 000 122 000 Total current liabilities 618,000 594,000 Common stock, $2 par value 209 000 173 000 Paid-in capital in excess of par value, common stock 155.000 88.000 Retained earnings $1.123 000 977 000 Total liabilities and equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Identify the different methods employed in the selection process.

Answered: 1 week ago

Question

Demonstrate the difference between ability and personality tests.

Answered: 1 week ago