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Please help!! Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per
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Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and paid $102,000 in cash dividends. GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $1,857,01,099,00758,00507,54,00197,0040,20$156,80 GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 \begin{tabular}{|l|r|} \hline Cash flows from operating activities & \\ \hline Net income & $156,800 \\ \hline Adjustments to reconcile net income to net cash provided by operations: & \\ \hline Income statement items not affecting cash & \\ \hline & \\ \hline Changes in current assets and current liabilities & \\ \hline Increase in inventory & (81,500) \\ \hline Increase in accounts payable & 29,000 \\ \hline Increase in taxes payable & 9,400 \\ \hline \end{tabular} Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Fo 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}{|c|c|c|c|} \hline Net cash provided by operating activities & & $ & 113,700 \\ \hline \multicolumn{4}{|l|}{ Cash flows from investing activities } \\ \hline Cash paid for equipment & (58,000) & & \\ \hline 4 & & & \\ \hline Net cash used in investing activities & & & (58,000) \\ \hline \multicolumn{4}{|l|}{ Cash flows from financing activities: } \\ \hline Cash received from stock issuance & 66,500 & & \\ \hline Cash paid for cash dividends & (102.000) & & \\ \hline & & & \\ \hline Net cash used in financing activities & & & (35.500) \\ \hline Net increase (decrease) in cash & & $ & 20,200 \\ \hline \multicolumn{4}{|l|}{ Cash balance at December 31, prior year } \\ \hline Cash balance at December 31 , current year & & $ & 57,600 \\ \hline \end{tabular}Step by Step Solution
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