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GL1203 - Based on Problem 12-6A Golden Company LO P2, P3 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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 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 Retai earnings Total liabilities and equity $ $ 87,000 28,000 115,000 71,000 25,000 96,000 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,792,000 Cost of goods sold 1,086,000 Gross profit 706,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548,000 Income before taxes 158,000 Income taxes expense 22,000 Net income $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method General Journal tab - Reconstruct the entries to summarize the activity between December 31, prior year and December 31, urrer year. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the December 31, current year balances. View transaction list Journal entry worksheet Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal 2 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. pora 3 Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. 4 Reconstruct the journal entry for cash paid for other operating expenses, incorporating the change in the related balance sheet account(s), if any. Ci 5 Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note : - journal entry has been entered Record entry Clear entry View account(s), if any. 11 6 Reconstruct the entry for the purchase of new equipment. porating 7 Reconstruct the entry for the issuance of common stock. 8 Reconstruct the entry to record the payment of cash dividends. Credit 9 Close the revenue account(s) to income summary. 10 Close the expense accounts to income summary. 11 Close Income Summary to Retained Earnings. Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Unadjusted Dates: Dec 31 to: Dec 31 General Ledger Account Cash Accounts receivable, net No. Date Debit Credit No. Date Debit Credit Balance 107,000 Balance 71,000 Dec 31 Dec 31 Inventory Equipment No. Debit Credit No. Debit Credit Date Dec 31 Balance 526,000 Date Dec 31 Balance 299,000 Accumulated depreciation - Equipment Accounts payable Debit Credit No. Date Debit Credit No. Date Balance 104,000 Balance 71,000 Dec 31 Dec 31 Income taxes payable Common stock, $2 par value No. Date Debit Credit No. Date Debit Credit Balance 25,000 Balance 568,000 Dec 31 Dec 31 Paid-in capital in excess of par - Common Retained earnings Debit Credit No. Date Debit Credit No. Date Balance 160,000 Balance 75,000 Dec 31 Dec 31 Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the December 31, current year, balance sheet above. Year 2019 represents current year from the problem statement. Unadjusted Dates: Dec 31 to: Dec 31 GOLDEN COMPANY Trial Balance December 31, 2019 Account Title Debit Credit $ 107,000 71,000 526,000 299,000 Cash Accounts receivable, net Inventory Equipment Accumulated depreciation - Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par - Common Retained earnings Total 104,000 71,000 25,000 568,000 160,000 75,000 1,003,000 $ 1,003,000 $ Requirement Journal Ledger Iriai Balance Direct Metnou Method Prepare the Statement of Cash flows for the year ended December 31, current year using the Direct Method. Hint Use the Cash T-account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted Dates: Dec 31 to: Dec 31 GOLDEN COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: GL1203 - Based on Problem 12-6A Golden Company LO P2, P3 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. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 164,000 83,000 601,000 848,000 335,000 (158,000) $1,025,000 $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 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 Retai earnings Total liabilities and equity $ $ 87,000 28,000 115,000 71,000 25,000 96,000 592,000 196,000 122,000 $1,025,000 568,000 160,000 75,000 899,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,792,000 Cost of goods sold 1,086,000 Gross profit 706,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548,000 Income before taxes 158,000 Income taxes expense 22,000 Net income $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. c. Declared and paid $89,000 in cash dividends. Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method General Journal tab - Reconstruct the entries to summarize the activity between December 31, prior year and December 31, urrer year. Direct Method tab - Prepare the Statement of Cash flows for the year ended December 31, current year using the direct method. Indirect Method tab - Prepare the reconciliation to the indirect method. Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the December 31, current year balances. View transaction list Journal entry worksheet Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal 2 Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any. pora 3 Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any. 4 Reconstruct the journal entry for cash paid for other operating expenses, incorporating the change in the related balance sheet account(s), if any. Ci 5 Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any. Note : - journal entry has been entered Record entry Clear entry View account(s), if any. 11 6 Reconstruct the entry for the purchase of new equipment. porating 7 Reconstruct the entry for the issuance of common stock. 8 Reconstruct the entry to record the payment of cash dividends. Credit 9 Close the revenue account(s) to income summary. 10 Close the expense accounts to income summary. 11 Close Income Summary to Retained Earnings. Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method As your reconstructed entries are recorded, you will explain the changes in the beginning and ending balances for each account. Unadjusted Dates: Dec 31 to: Dec 31 General Ledger Account Cash Accounts receivable, net No. Date Debit Credit No. Date Debit Credit Balance 107,000 Balance 71,000 Dec 31 Dec 31 Inventory Equipment No. Debit Credit No. Debit Credit Date Dec 31 Balance 526,000 Date Dec 31 Balance 299,000 Accumulated depreciation - Equipment Accounts payable Debit Credit No. Date Debit Credit No. Date Balance 104,000 Balance 71,000 Dec 31 Dec 31 Income taxes payable Common stock, $2 par value No. Date Debit Credit No. Date Debit Credit Balance 25,000 Balance 568,000 Dec 31 Dec 31 Paid-in capital in excess of par - Common Retained earnings Debit Credit No. Date Debit Credit No. Date Balance 160,000 Balance 75,000 Dec 31 Dec 31 Requirement General Journal General Ledger Trial Balance Direct Method Indirect Method Begin by selecting "Post-closing" from the drop-down menu. Verify that each balance agrees with the December 31, current year, balance sheet above. Year 2019 represents current year from the problem statement. Unadjusted Dates: Dec 31 to: Dec 31 GOLDEN COMPANY Trial Balance December 31, 2019 Account Title Debit Credit $ 107,000 71,000 526,000 299,000 Cash Accounts receivable, net Inventory Equipment Accumulated depreciation - Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par - Common Retained earnings Total 104,000 71,000 25,000 568,000 160,000 75,000 1,003,000 $ 1,003,000 $ Requirement Journal Ledger Iriai Balance Direct Metnou Method Prepare the Statement of Cash flows for the year ended December 31, current year using the Direct Method. Hint Use the Cash T-account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Unadjusted Dates: Dec 31 to: Dec 31 GOLDEN COMPANY Statement of Cash Flows (Direct Method) For Current Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: