reyuncu HUTTIQLUIT Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below) Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 165,000 $ 188,100 Accounts receivable 84,500 72,000 Inventory 602,500 527,000 Total current assets 852,000 707, 100 Equipment 337,600 300,000 Accumulated depreciation Equipment (158,500) (104,500) Total assets $ 1,031,100 5.902,600 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, 52 par valve 593,200 569,000 Paid.in capital in excess of par value, comon stock 197,600 161,500 Retained earnings 122,100 14.500 Total 11bilities and equity 51,031.100 5.092,000 GOLDEN CORPORATION Common stock, 32 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity 593,200 197,880 122, 100 $ 1,031,100 569,000 161,500 74,500 $ 902,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 1,797,080 1,087.000 710,000 495,000 54,000 161,000 23,460 $ 137,600 Additional Information on Current Year Transactions .. Purchased equipment for $37,600 cash b. Issued 12,100 shores of common stock for $5 cash per share c. Declared and paid $90,000 in cash dividends. Problem 16-7AA (Algo) Indirect: Cash flows spreadsheet LO P4 Problem 16-7AA (Algo) Indirect: Cash flows spreadsheet LO P4 Required: Prepare a complete statement of cash flows using a spreadsheet under the Indirect method (Enter all amounts os positive values.) 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 $ 165.000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 108,100 72.000 527,000 300.000 1,007,100 $ 5 165 000 5 Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payablo Income taxes payable Common stock 52 par valle Paid in capital in excess of er value, common stock Retained aming 104.500 72,000 25 600 569.000 161,500 74 500 Retained earnings 74,500 1,007,100 S $ 0 Statement of cash flows Operating activities Investing activities Financing activities S OS