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Sorry about that, hopefully these are clearer! Required Information (The following information applies to the questions displayed below.) Golden Corps current year Income statement, comparative
Sorry about that, hopefully these are clearer!
Required Information (The following information applies to the questions displayed below.) Golden Corps 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 Current Year Prior Year 180,000 107,000 625,000 912,000 378, 100 166,000) $1,124,100 $ 124,600 87,000 542,000 753,600 315,000 (112,000) $ 956, 600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, 92 par value Paid in capital in excess of par value, common stock Retained earnings Total liabilities and equity Liabilities and $ $ 119,000 44,000 163,000 87,000 33, 100 120,100 611,200 224,800 125, 100 $1,124,100 584,000 184,000 68,500 $ 956,600 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,872,000 Coat of goods sold 1,102,000 Gross profit 770,000 Operating expenses Depreciation expense $ 54,000 Other expenses 510,000 564.000 Income before taxes 206,000 Income taxes expendo 44,400 Not income $ 161,600 QUU Income taxes expense Net income $ 161,600 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under th Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.) GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Analysis of Changes December 31, Prior Yoar Debit Credit December 31 Current Year 180,000 Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment 124,600 87,000 542,000 315,000 1,068,600 Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value 112,000 87,000 33,100 584,000 184,000 68,500 1,068,600 Paid-in capital in excess of par value, common stock Retained earnings Statement of cash flows Operating activities Investing activities Financing activities Equipment 315,000 1,068,600 Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid in capital in excess of par value, common stock Retained earnings 112,000 87,000 33, 100 584,000 184,000 68,500 1,068,600 Statement of cash flows Operating activities Investing activities Financing activities Required information 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 Current Year Prior Year 180,000 107,000 625,000 912,000 378,100 (166,000) $1,124,100 $ 124,600 87,000 542,000 753,600 315,000 (112,000) $ 956,600 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment 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 Rotal liabilities and equity 119,000 44,000 163,000 87,000 33, 100 120,100 611,200 224,800 125,100 $1,124,100 584,000 184,000 68,500 S 956, 600 GOLDEN CORPORATION Income Statement Pald-in capital in excess or pa Retained earnings Total liabilities and equity $1, GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales $1,872,000 Cost of goods sold 1,102,000 Gross profit 770,000 Operating expenses Depreciation expense $ 54,000 Other expenses 510,000 564,000 Income before taxes 206,000 Income taxes expense 44,400 Net income $ 161,600 Additional Information on Current Year Transactions a. Purchased equipment for $63,100 cash. b. Issued 13,600 shares of common stock for $5 cash per share. c. Declared and paid $105,000 in cash dividends. Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as 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 Balance sheet-debit balance accounts Cash Accounts receivable $ 180,000 Inventory Equipment 124,600 87,000 542,000 315.000 1,068,600 180,000 112,000 Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value 87 000 , common stock Paid-in capital in excess of par Retained earnings 33,100 584,000 184,000 68,500 1,068,600 Statement of cash flows Operating activities Investing activities Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 112,000 87,000 33,100 584,000 184,000 68,500 1,068,600 $ Statement of cash flows Operating activities Investing activities Financing activities Step by Step Solution
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