Use the following information for the Problems below. [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 Assets Cash Accounts receivable Inventory Total current assets Equipment Accun. depreciation-Equipment Total assets $ 180,000 107,000 625,000 912,000 378,100 0166,000) $1,124,100 $ 124,600 87, eee 542,000 753,600 315,000 (112,000 $956,600 Liabilities and Equity $ 180,000 107,600 625,089 912,000 378,180 (166,000) $1,124, 180 $ 124,600 87,000 542,000 753,600 315,000 (112,000) $ 956,600 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, 52 par value Paid-in capital in excess of par value, common stock Retained earnings Total 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 $ 956,600 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 510,000 Income before taxes TH $1,872,000 1,182,000 1770,000 564,000 206,000 #VL ILUULILI 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 510,000 Income before taxes $1,872,000 1,102,000 770,000 Income taxes expense 564,000 206,000 44,400 $ 161,600 Net income 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. Problem 12-7AA Indirect: Cash flows spreadsheet LO P4 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 sheetdebit balance accounts Cash 5 124 600 5 180,000 Accounts receivable 87 000 Inventory Equipment 542.000 315.000 $ 1.068,600 Balance sheet credit balance accounts Accumulated depreciation Equipment Accounts Davable 5 112 000 87 000 $ 112,000 Accumulated depreciation--Equipment Accounts payable 87,000 Income taxes payable Common stock $2 par value 33,100 584,000 184,000 Paid-in capital in excess of par value, common stock Retained earnings 68,500 $ 1,068,600 Statement of cash flows Operating activities + Investing activities Financing activities