Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the yea

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Golden Corp S Current Year Income Statement Comparative Balance Sheets And Additional Information Follow For The Yea 1 (39.62 KiB) Viewed 13 times

Golden Corp S Current Year Income Statement Comparative Balance Sheets And Additional Information Follow For The Yea 2 (26.06 KiB) Viewed 13 times

Golden Corp S Current Year Income Statement Comparative Balance Sheets And Additional Information Follow For The Yea 3 (41.03 KiB) Viewed 13 times

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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable. GOLDEN CORPORATION Comparative Balance Sheets December 31 Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings otal liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31. les st of goods sold oss profit $1,827,000 1,093,000 734,000 Current Year $ 171,000 93,500 611,500 876,000 353,800 (161,500) $1,068,300 $ 101,000 35,000 136,000 600,400 208,600 123,300 $1,068,300 Prior Year $ 114,700 78,000 533,000 725,700 306,000 (107,500) $924,200 78,000 28,600 106,600 $75,000 170,500 72,100 $924,200
GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $ 54,000 501,000 $1,827,000 1,093,000 734,000 $ 555,000 179,000 31,800 147,200 Additional Information on Current Year Transactions a. Purchased equipment for $47,800 cash. b. Issued 12,700 shares of common stock for $5 cash per share.. c. Declared and paid $96,000 in cash dividends.
GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year