Required information

Use the following information for the Problems below.

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Golden Corp., a merchandiser, recently completed its 2017 operations. 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. The companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	169,000			$	112,500
Accounts receivable		90,500				76,000
Inventory		608,500				531,000
Total current assets		868,000				719,500
Equipment		348,400				304,000
Accum. depreciationEquipment		(160,500	)			(106,500	)
Total assets	$	1,055,900			$	917,000
Liabilities and Equity
Accounts payable	$	97,000			$	76,000
Income taxes payable		33,000				27,600
Total current liabilities		130,000				103,600
Equity
Common stock, $2 par value		602,000				573,000
Paid-in capital in excess of par value, common stock		201,000				167,500
Retained earnings		122,900				72,900
Total liabilities and equity	$	1,055,900			$	917,000

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,817,000
Cost of goods sold					1,091,000
Gross profit					726,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		499,000			553,000
Income before taxes					173,000
Income taxes expense					29,000
Net income				$	144,000

Problem 12-6A Indirect: Statement of cash flows LO P1, P2, P3

Additional Information on Year 2017 Transactions

1. Purchased equipment for $44,400 cash.
2. Issued 12,500 shares of common stock for $5 cash per share.
3. Declared and paid $94,000 in cash dividends.

Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31,2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: 0 Cash flows from investing activities: Cash flows from financing activities: 0 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year 0