[The following information applies to the questions displayed below.]

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 companys balance sheets and income statement follow.

GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	174,000			$	118,000
Accounts receivable		98,000				81,000
Inventory		616,000				536,000
Total current assets		888,000				735,000
Equipment		361,900				309,000
Accum. depreciationEquipment		(163,000	)			(109,000	)
Total assets	$	1,086,900			$	935,000
Liabilities and Equity
Accounts payable	$	107,000			$	81,000
Income taxes payable		38,000				30,100
Total current liabilities		145,000				111,100
Equity
Common stock, $2 par value		612,000				578,000
Paid-in capital in excess of par value, common stock		206,000				175,000
Retained earnings		123,900				70,900
Total liabilities and equity	$	1,086,900			$	935,000

GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	1,842,000
Cost of goods sold					1,096,000
Gross profit					746,000
Operating expenses
Depreciation expense	$	54,000
Other expenses		504,000			558,000
Income before taxes					188,000
Income taxes expense					36,000
Net income				$	152,000

Additional Information on Year 2017 Transactions

Net income was $152,000.

Accounts receivable increased.

Inventory increased.

Accounts payable increased.

Income taxes payable increased.

Depreciation expense was $54,000.

Purchased equipment for $52,900 cash.

Issued 13,000 shares at $5 cash per share.

Declared and paid $99,000 of cash dividends.

Required: Prepare a complete statement of cash flows using a spreadsheet; report operating activities under the indirect method. (Enter all amounts as positive values.)

Chapter 12 Problems Help Save & Exit Submit Saved 3 Check my work 5 Required information Analysis of Changes Debit Part 2 of 2 December 31, 2016 Credit December 31, 2017 Balance sheet-debit balance accounts Cash 118,000 81,000 536,000 309,000 1,044,000 174,000 Accounts receivable points Skipped Equipment 174,000 Balance shee 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 109,000 81,000 30,100 578,000 175,000 70,900 1,044,000 eBook Print References Statement of cash flows Operating activities Graw Hill Prex 5 Of 5 Next>