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[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,

[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 $ 164,000 $ 107,000
Accounts receivable 83,000 71,000
Inventory 601,000 526,000
Total current assets 848,000 704,000
Equipment 335,000 299,000
Accumulated depreciationEquipment (158,000) (104,000)
Total assets $ 1,025,000 $ 899,000
Liabilities and Equity
Accounts payable $ 87,000 $ 71,000
Income taxes payable 28,000 25,000
Total current liabilities 115,000 96,000
Equity
Common stock, $2 par value 592,000 568,000
Paid-in capital in excess of par value, common stock 196,000 160,000
Retained earnings 122,000 75,000
Total liabilities and equity $ 1,025,000 $ 899,000
GOLDEN CORPORATION
Income Statement
For Current Year Ended December 31
Sales $ 1,792,000
Cost of goods sold 1,086,000
Gross profit 706,000
Operating expenses (excluding depreciation) 494,000
Depreciation expense 54,000
Income before taxes 158,000
Income taxes expense 22,000
Net income $ 136,000

Additional Information on Current Year Transactions

Purchased equipment for $36,000 cash.

Issued 12,000 shares of common stock for $5 cash per share.

Declared and paid $89,000 in cash dividends.

Required:

Prepare a complete statement of cash flows using a spreadsheet under the indirect method.

Note: Enter all amounts as positive values.

image text in transcribed

GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31

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