question 1( complete statement indirect ) question 2 ( spreadsheet)
NEC Required information The following information applies to the questions displayed below) 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 Assets Cash Accounts receivable Inventory Total current assets Equipment Accun depreciation Equipment Total assets Llabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity $ 168,000 89.000 607.000 164.000 349,700 (160,000) $1,040,700 $ 111,400 75,000 530,000 716,400 305,000 (106,000 5913,400 5 95,000 $ 25,000 127,000 102.100 Prov Next > GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year $ 168,000 89,000 607,000 364.000 345, 700 (160,000) $1,049,700 $ 111,400 75,00 530,000 716,400 303,000 (206,000) $.913,400 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, 52 par value Paid-in capital in excess of par value, common stock Betained earnings Total liabilities and equity 5 95,000 32,000 127.000 $75,000 27.100 102, 10e 596,500 203,200 123.700 $1,019,700 372.000 166,000 73,300 5913,-400 GOLDEN CORPORATION Income state ant For current Year Ended December $1,812, eee 1,890,000 722,800 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 Other expenses 498, eee Income before taxes Income taxes expense Net income 552,000 170, eee 27,600 $ 142,400 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 the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) 12 GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cashflows from operating activities Not income $ 142100 Adjustments to reconcile net income to net cash provided by operations Depreciation expense Accounts reconnable increase Inventory increase Accounts payable increase Income taxes payable increase $ 142.400 Netcash provided by operating activities M Prey of 2 Next > Required information Accounts payable increase Income taxes payable increase 2 $ 142,400 Net cash provided by operating activities Cash flows from investing activities ok Cash paid for equipment 0 Cash flows from financing activities: Cash paid for cash dividends 0 142,400 $ Net increase (decrease) in cash Cash balance at December 31. prior year Cash balance at December 31, current year S 142,400 Inventory increase Cash paid for equipment Cash received from stock issuance Depreciation expense Income taxes payable decrease Income taxes payable increase Cast Paid Tor Equipment Cash flows from financing activities: Inventory increase Inventory decrease Inventory increase Notes payable long-term decrease Notes payable long-term increase Prepaid expense decrease Cash flows from financing activities: Inventory increase Notes payable long-term increase Prepaid expense decrease Prepaid expense increase Salaries payable decrease Salaries payable increase var Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31. Prior Debit Year Credit December 31 Current Year $ 188.000 5 Balance sheetdobit balance accounts Cash Accounts receivable Inventory Equipment 111.400 75.000 530.000 303.000 1019 400 16.000 S Balance sheet credit balance accounts Accumulated depreciation Equipment S 100000 NOX
