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 Prior Year Current Year Assets Cash Accounts receivable Inventory 165,000 84,500 602, 500 108,100 72,e0e 527,000 Total current assets 707,100 , (104,500) 852, eee 337,600 (158,500) Equipment Accum. depreciation-Equipment $1,031,100 Total assets 902,600 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 $72,000 25,600 89,000 29,000 118,000 97,600 569,e0e 161,500 74,500 593,200 197,800 122,100 Total liabilities and equity $1,031,100 902,600 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, December 31, Prior Year Debit Credit Current Year Balance sheet-debit balance accounts Cash 108,100 165,000 Accounts receivable 72,000 527 ,000 Inventory Equipment 300,000 1,007,100 Balance sheet-credit balance accounts Accumulated depreciation-Equipment 104,500 Accounts payable 72,000 Income taxes payable 25,600 Common stock, $2 par value 569,000 Paid-in capital in excess of par value, common stock 161,500 Retained earnings 74,500 1,007,100 Statement of cash flows Operating activities Investing activities Financing activities Required: Prepare a complete statement of cash flows using the direct 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 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