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	$	165,000			$	108,100
Accounts receivable		84,500				72,000
Inventory		602,500				527,000
Total current assets		852,000				707,100
Equipment		337,600				300,000
Accum. depreciationEquipment		(158,500	)			(104,500	)
Total assets	$	1,031,100			$	902,600
Liabilities and Equity
Accounts payable	$	89,000			$	72,000
Income taxes payable		29,000				25,600
Total current liabilities		118,000				97,600
Equity
Common stock, $2 par value		594,000				569,000
Paid-in capital in excess of par value, common stock		197,000				161,500
Retained earnings		122,100				74,500
Total liabilities and equity	$	1,031,100			$	902,600

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,797,000
Cost of goods sold					1,087,000
Gross profit					710,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		495,000			549,000
Income before taxes					161,000
Income taxes expense					23,400
Net income				$	137,600

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

Additional Information on Year 2017 Transactions

1. Purchased equipment for $37,600 cash.
2. Issued 12,100 shares of common stock for $5 cash per share.
3. Declared and paid $90,000 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.)