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 $ 172,000 95,000 613,000 880,000 356,500 (162,000) $1,074,500 $ 115,800 79,000 534,000 728,800 307,000 (108,000) $ 927,800 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 Retained earnings Total liabilities and equity $ 103,000 36,000 139,000 $ 79,000 29,100 108, 100 601, 600 210,400 123,500 $1,074,500 576, eee 172,000 71,700 $ 927,800 $1,832,000 1,094,000 738,000 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 502,000 Income before taxes Income taxes expense Net income 556,000 182,000 33,200 $ 148,800 Additional Information on Current Year Transactions a. Purchased equipment for $49,500 cash. b. Issued 12,800 shares of common stock for $5 cash per share. c. Declared and paid $97,000 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: Cash flows from investing activities Cash flows from financing activities: ! Required information Adjustments to reconcile net income to net cash provided by operations: 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 Required information 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 Balance sheet-debit balance accounts Cash $ 115,800 $ 172,000 Accounts receivable 79,000 Inventory 534,000 Equipment 307,000 $ 1,035,800 S 108,000 Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value 79,000 29,100 576,000 Paid-in capital in excess of par value, common stock 172,000 Retained earnings 71,700 1,035,800 $ Statement of cash flows Operating activities Required information 29, TUU 576,000 moome taxes payable Common stock. $2 par value Paid-in capital in excess of par value, common stock Retained earnings 172,000 71,700 $ 1,035,800 Statement of cash flows Operating activities Investing activities Financing activities