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. Prior Year GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Assets Cash $ 179,000 Accounts receivable 105,500 Inventory 623,500 Total current assets 908,000 Equipment 375,400 Accum. depreciation-Equipment (165,500) Total assets $1,117,900 Liabilities and Equity Accounts payable $ 117,000 Income taxes payable 43,000 Total current liabilities 160,000 Equity Common stock, $2 par value 610,000 Paid-in capital in excess of par value, 223,000 common stock Retained earnings 124,900 Total liabilities and equity $1,117,900 $ 123,500 86,000 541,000 750,500 314,000 (111,500) $ 953,000 $ 86,000 32,600 118,600 583,000 182,500 68,900 $ 953,000 GOLDEN CORPORATION Income Statement GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,867,000 Cost of goods sold 1,101,000 Gross profit 766,000 Operating expenses Depreciation $ 54,000 expense Other expenses 509,000 563,000 Income before 203,000 taxes Income taxes 43,000 expense Net income $ 160,000 Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 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.) ces GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 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, prior year Cash balance at December 31, current year