WHAT SHOULD i DO? IT IS STILL NOT CORRECT

[The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2018 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 company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 175,000 119,100 82,000 617,500_ _537,000 738,100 310,000 99,500 892,000 364,600 (163, 500) (109,500) $1,093,100 $ 938,600 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 $ 109,000 82,000 39,00030,600 112,600 148,000 587,800 167,700 70,500 $1,093,100 $ 938,600 614,000 207,000 124,100 Total liabilities and equity GOLDEN CORPORATION Income Statement For Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses $1,847,000 1,097,000 750,000 Depreciation expense $ 54,000 505,000 Other expenses Income before taxes Income taxes expense Net income 559,000 191,000 37,400 $ 153,600 Additional Information on Year 2018 Transactions a. Purchased equipment for $54,600 cash b. Issued 13,100 shares of common stock for $5 cash per share c. Declared and paid $100,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31. 2018 GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2018 Cash flows from operating activities Net income s153,600 Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash Depreciation expense 54,000 Changes in current assets and current liabilities Account Inventory increase Accounts payable increase Income taxes payable increase (17,500) (80,500) 27,000 ,400 s receivable increase Net cash provided by operating activities $ 145,000 Cash flows from investing activities Cash paid for equipment (54,600) (54,600) Net cash used in investing activities Cash flows from financing activities Inventory increase Accounts payable increase Income taxes payable increase (80,500) 27,000 ,400 Net cash provided by operating activities $ 145,000 Cash flows from investing activities Cash paid for equipment (54,600) Net cash used in investing activities Cash flows from financing activities (54,600) Cash received from stock issuance 65,500 (100,000) Cash paid for cash dividends (34,500) $55,900 Net cash used in financing activities Net increase (decrease) in cash Cash balance at December 31, 2017 Cash balance at December 31, 2018 $ 55,900