please help and explain!
Chec 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 $ 168.000 89,000 607,000 864,000 345, 700 (160,000) $1,049,700 $ 111,400 75,000 530,000 716,400 303,000 (106,000) $ 913.400 Cash Accounts receivable Inventory Total current assets Equipment docum. depreciation Equipment Total assets Liabilities and Equity Mccounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ $ 95,000 32.000 127.000 75,000 27.100 102. 100 596,800 203,200 122,700 $1,049,700 572,000 166,000 173,300 $ 913,400 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 mapter 12 Problems Saved Help Retained earnings Total liabilities and equity 122,700 $1,049,700 73,300 $ 913,400 "art 2 of 2 sints GOLDEN CORPORATION Income Statement Por Current Year Ended December 31 Sales $1,812.000 Cost of goods sold 1,090,000 Gross profit 722,000 Operating expenses Depreciation expense $ 54,000 Other expenses 498,000 552,000 Income before taxes 170,000 Income taxes expense Net income $ 142,400 Skipped 27.600 eBook Additional Information on Current Year Transactions a. Purchased equipment for $42,700 cash. b. Issued 12,400 shares of common stock for $5 cash per share. c. Declared and paid $93.000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the Indirect method. (Enter all amounts as positive values GOLDEN CORPORATION Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positis ut 2 of 2 GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Debit Credit Year its December 31, Current Year Skipped 168,000 BOOK Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 111,400 75,000 530,000 303,000 1,019,400 Print 168,000 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 106.000 75,000 27.100 572,000 166,000 73,300 1,019,400 Retained earnings $ Chapter 12 Problems Help So Required information Retained comings 73,300 1,019,400 Part 2 of 2 Statement of cash flows Operating activities points Skipped Investing activities Financing activities
