! Required information Use the following information for the Problems below. [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 Accum. depreciation-Equipment $ 177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 121,300 84,000 539,000 744,300 312,000 (110,500) $ 945,800 Total assets $ $ 113,000 41,000 154,000 84,000 31,600 115,600 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 607,600 219,400 124,500 581,000 179,500 69, 700 Return to ai ---- 3 Retained earnings 124,500 69,700 Total liabilities and equity $1,105,500 $ 945,800 GOLDEN CORPORATION 11.34 points Income Statement For Current Year Ended December 31 Sales $1,857,000 1,099,000 758,000 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 54,000 507,000 561,000 197,000 40,200 Income taxes expense Net income $ 156,800 Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and paid $102,000 in cash dividends. Problem 12-7AA Indirect: Cash flows spreadsheet LO P4 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) CUICU. Required information Answer is not complete. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Year Debit Credit December 31, Current Year Balance sheet-debit balance accounts Cash $ 121,300 $ 177,000 Accounts receivable 84,000 18,500 102,500 Inventory 539,000 81,500 620,500 Equipment 312,000 58,000 370,000 $ 1,056,300 $ 1,270,000 Balance sheet-credit balance accounts $ 110,500 $ 54,000 $ 164,500 Accumulated depreciation Equipment Accounts payable 84,000 29,000 55,000 Income taxes payable 31,600 9,400 41,000 Common stock, $2 par value 581,000 26,600 607,600 Paid-in capital in excess of par value, common stock 179,500 39,900 219,400 Retained earnings 69,700 102,000 156,800 124,500 $ 1,056,300 $ 1,212,000 Stotamont of och floure 1 ruh 1 cu un 210 An 1 3 3 Required information > 1,050,300 1,212,000 Statement of cash flows 11.34 points Operating activities Net income 156,800 X Depreciation expense 54,000 Increase in accounts receivable 18,500 Increase in inventory 81,500 Increase in accounts payable 29,000 Increase in income tax payable 9,400 Investing activities Cash paid for inventory X 58,000 Financing activities Issued common stock for cash 66,500 Paid cash dividends 102,000 $ 447,900 $ 703,500