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. M 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 Correst Yes Prior Yes $ 175,000 99,500 612.500 892.000 364,600 (263.500) $1,093, 100 $ 119,100 $2,000 327,000 738,100 310.000 (109,500) $ 0,60 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 5 $ 109,000 39,000 140,000 82,000 30.300 112,600 605,200 215,800 124, 100 $1,093, 100 579,000 276,500 10,500 $ 98,00 GOLDEN CORPORATION Income Statement Yor Current Year Ended December 31 Sales $1,847,000 Coat of goods sold 1,097.000 Gross profit 750,000 Operating expenses Depreciation expense $ 54,000 other expenses 505,000 55,000 Income before taxes 191.000 Income taxes expense 37.400 Net Income $353,600 Additional Information on Current Year Transactions a. Purchased equipment for $54,600 cash. b. Issued 13.100 shares of common stock for $5 cash per share. c. Declared and paid $100.000 in cash dividends. Problem 12-6A Indirect: Statement of cash flows LO P2, P3 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 Endod December at 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 Net Increase (decrease in cash Cash balance at December 31, poor year Cash balance at December 31, current year Problem 12-8AB Direct: Statement of cash flows LO PS 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
