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 $ 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 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 $ $ 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 73,300 $ 913,400 GOLDEN CORPORATION Income Statement For 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 Prey 1 of 1 HHH Moyt GOLDEN CORPORATION Income Statement For 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 27,600 Net income $ 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.) Take-home portion Question 1 i Skip to main content Help 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 k For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: ces 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 Prey 1 of 1 Next