Answer Happy

Required information [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 $ 123,500 $ 179,000 105,500 Accounts receivable 86,000 Inventory 623,500 541,000 Total current assets 908,000 Equipment 375,400 (165,500) 750,500 314,000 (111,500) Accumulated depreciation-Equipment Total assets $ 1,117,900 $ 953,000 Liabilities and Equity Accounts payable $ 117,000 $ 86,000 Income taxes payities 43,000 160,000 32,600 118,600 Total current liabilities Equity Common stock, $2 par value 610,000 583,000 Paid-in capital in excess of par value, common stock Retained earnings 223,000 124,900 182,500 68,900 Total liabilities and equity $ 1,117,900 $ 953,000 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions a. Purchased equipment for $61,400 cash. b. Issued 13,500 shares of common stock for $5 cash per share. c. Declared and paid $104,000 in cash dividends. 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 December 31, Prior Year Analysis of Changes Debit December 31, Current Year Credit Balance sheet-debit balance accounts Cash $ 123,500 $ Accounts receivable 86,000 Inventory 541,000 Equipment 314,000 $ 1,064,500 $ Balance sheet-credit balance accounts Accumulated depreciation-Equipment 111,500 Accounts payable 86,000 Income taxes payable 32,600 Common stock, $2 par value 583,000 Paid-in capital in excess of par value, common stock 182,500 Retained earnings 68,900 1,064,500 $ Statement of cash flows Operating activities Investing activities Financing activities $ $ $ 1,867,000 1,101,000 766,000 509,000 54,000 203,000 43,000 $ 160,000 $ 0 $ 0 179,000 179,000 0