please do the statement of cash flows
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 $ 175,000 $ 119, 100 Accounts receivable 99,500 82,000 Inventory 617,500 537,000 Total current assets 892,000 738, 100 Equipment 364,600 310,000 Accumulated depreciation-Equipment (163,500) (199,500) Total assets $ 1,093, 100 $938, 600 Liabilities and Equity Accounts payable $ 109,000 $ 82,000 Income taxes payable 39,000 30, 600 Totat current liabilities 148,080 112,600 Equity Common stock, $2 par value 605,200 579,000 Paid-in capital in excess of par value, common stock 215,800 176,500 Retained earnings 124,100 70,500 Total abilities and equity $ 1,093, 100 $ 938,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,847,000 Cost of goods sold 1,097,000 Gross profit 750,000 Operating expenses (excluding depreciation) 505,000 Depreciation expense 54,000 Income before taxes 191,800 Income taxes expense 37, 400 Net income $ 153,600 Additional Information on Current Year Transactions OLI, 892,000 364,600 (163,500 $ 1,093, 100 23.00 738, 100 310,000 (109,500) $ 938,600 Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 109,000 39,000 148,000 605,200 215,800 124,100 $ 1,093, 100 82,000 38,600 112,600 579,000 176,500 70,500 $ 938,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $ 1,847,000 Cost of goods sold 1,097,000 Gross profit 750,000 Operating expenses (excluding depreciation) 505,000 Depreciation expense 54,000 Income before taxes 191,000 Income taxes expense 37.400 Net income $ 153,600 Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. b. Issued 13,100 shares of common stock for $5 cash per share. c. Declared and paid $100,000 in cash dividends. Required: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year
