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 Assets Current Year Prior Year Cash Accounts receivable Inventory Total current assets Equipment $ 165,000 84,500 602,500 852,000 337,600 (158,500) $1,031, 100 Accum. depreciation-Equipment $ 108, 100 72,000 527,000 707, 100 300,000 (104,500) $ 902,600 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 89,000 29,000 118,000 $72,000 25,600 97,600 593,200 197,800 122, 100 $1,031, 100 569,000 161,500 74,500 $ 902,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,797.000 Cost of goods sold 1.087.000 Gross profit 710.000 Operating expenses Depreciation expense $ 54,000 neka RRAR Anan Ann GOLDEN CORPORATION Income Statement For Current Year Ended December 31 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 Additional Information on Current Year Transactions a. Purchased equipment for $37,600 cash b. Issued 12,100 shares of common stock for $5 cash per share. c. Declared and paid $90,000 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.) 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 Required: Prepare a complete statement of cash flows using a spreadsheet under the Indirect method (Enter all amounts as positive values.) 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 S 108,100 $ 165,000 Accounts receivable 72,000 Inventory 527,000 Equipment 300,000 $ 1,007,100 165,000 Balance sheet credit balance accounts Accumulated depreciation Equipment $ 104,500 Accounts payable 72,000 Income taxes payable 25,600 569,000 Common stock, S2 par value Paid in capital in excess of par value, common stock Retained earnings 161,500 74,500 $ 1,007,100 $ 0 Statement of cash flows Operating activities Balance sheet-credit balance accounts Accumulated depreciation Equipment $ 104,500 Accounts payable 72,000 Income taxes payable 25,600 569,000 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 161,500 74,500 $ 1,007,100 $ 0 Statement of cash flows Operating activities Net income 137,600 Increase in accounts receivable 000 12,500 75,500 3 Increase in inventory Increase in accounts payable Increase in income tax payablo 17,000 3,400 + 54,000 Depreciation expense 124,000 Investing activities Payment for equipment 37,600 Financing activities Issued common stock for cash 60,500 Paid cash dividends 90.000 3 37,600 S 488,100 $ 161,600