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 $164,000 83.000 601,000 548,000 335,000 (350,000 51,025,000 $ 107,000 71.000 526,000 704,000 299,000 (100.000) $ 899,000 5 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 Pald.in capital in excess of par value, common stock Retained earnings Total abilities and equity 87,000 20.000 115,000 $ 71,000 25 000 96,000 592,000 196.000 122,000 $1,625,000 568,000 160,00 75,000 $ 899,000 $1,792,eee 1.086,000 706,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 other expenses 494,000 Income before taxes Income taxes expense Net Income 543,000 158,000 22.000 $ 136,000 Adelana Indian C. VAR. TARRARA Prey 1 of 1 Next 51,792,000 1,086,000 706,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 54,000 other expenses 494,000 Income before taxes Income taxes expense Net Income 545.000 150,000 22.000 136,000 5 Additional Information on Current Year Transactions a. Purchased equipment for $36.000 cash. b. Issued 12,000 shares of common stock for $5 cash per share c. Declared and paid $89,000 in cash dividends Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Cash flows from investing activities Prey 10 points Required: Prepare a complete statement of cash flows using the direct method for the current year (Amounts to be deducted should be Indicated with a minus sign.) eBook GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities References Cash flows from investing actvitos Cash flows from financing activities Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31. current year
