Required information Use the following information for the Problems below.(old) [The following information applies to the questions displayed below.) Golden Corp., a merchandiser, recently completed its 2018 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 compa income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 $ 129,000 $ 184, 000 113,000 631,000 928,000 388,900 (168,000) $1,148,900 Assets Cash Accounts receivable Inventory Total current assets Equipment Accun. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 52 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity 546,000 766,000 319,000 (114,000) $971, see $ 127,000 48,000 175,000 $91,000 35, 100 126, 100 632,000 216,000 125,900 $1,148,900 604,000 174,000 66,900 $971,000 $1,148,900 $ 971,000 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales $1,892,000 Cost of goods sold 1,106,000 Gross profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 514,000 568,000 Income before taxes 218,000 Income taxes expense 50,000 Net income $ 168,000 Problem 12-6A Indirect: Statement of cash flows LO P1, P2, P3 Additional Information on Year 2018 Transactions a. Purchased equipment for $69.900 cash. b. Issued 14,000 shares of common stock for $5 cash per share. c. Declared and paid $109,000 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, 2018 GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities: Cash flows from financing activities: Required information Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities: Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018