says answer is not complete?? do not know what i am missing please help! thank you !!
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 company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2016 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 182,000 126,800 89,000 628,000544,000 759,800 317,000 110,000 920,000 383,500 167,000) 113,000) $1,136,500 963,800 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 earninqs $ 123,000 89,000 46,000 34,100 169,000 123,100 628,000 214,000 125,500 586,000 187,000 67,700 $1,136,500 963,800 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,882,000 1,104,000 778,000 $ 54,000 512,000 Depreciation expense 566,000 212,000 47,200 $ 164,800 Other expenses Income before taxes Income taxes expense Net income Iditional Information on Year 2017 Transactions Purchased equipment for $66,500 cash Issued 13,800 shares of common stock for $5 cash per share Declared and paid $107,000 in cash dividends $1,136,500 963,800 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,882,000 1,104,000 778,000 $ 54,000 512,000 Depreciation expense 566,000 212,000 47,200 $ 164,800 Other expenses Income before taxes Income taxes expense Net income Iditional Information on Year 2017 Transactions Purchased equipment for $66,500 cash Issued 13,800 shares of common stock for $5 cash per share Declared and paid $107,000 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.) Answer is not complete. GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities $ 164,800 Net income Adjustments to reconcile net income to net cash provided by operations: 54,000 (21,000) (84,000) 34,000 11,900 Depreciation expense Accounts receivable increase Inventory increase Accounts payable increase Income taxes payable increase 0 Required information $ 159,700 Cash flows from investing activities: Cash paid for equipment (66,500) (66,500) Cash flows from financing activities: 69,000 (107,000) Cash received from stock issuance Cash paid for cash dividends (38,000) $ 55,200 126,800 $ 182,000 Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year
