Sh9Please help meSolution Golden Manufacturing Company started operations by acquiring $109,000 cash from the issue of common stock. On January 1, Year 1,the company purchased equipment that cost $99,000 cash, had an expected useful life of five years, and had an estimated salvagevalue of $9,900. Golden Manufacturing earned $95,450 and $66,660 of cash revenue during Year 1 and Year 2, respectively. GoldenManufacturing uses double-declining-balance depreciation.Requireda. Record the transactions in a horizontal statements model.b-1. Prepare income statements for Year 1 and Year 2.b-2. Prepare balance sheets for Year 1 and Year 2.b-3. Prepare statements of cash flows for Year 1 and Year 2.Complete this question by entering your answers in the tabs below.Req AReq B1 IncStmtReq B2 BalSheetReq B3 StmtCash FlowsRecord the transactions in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financingactivity, and NC for net change in cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. Do not round intermediate calculations.Round your final answers to the nearest whole dollar.)Show less Prepare income statements for Year 1 and Year 2. (Do not round intermediate calculations. Round the final answers to nearestdollar amount.)GOLDEN MANUFACTURING COMPANYIncome StatementsYear 1Year 2

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Description: Sh9Please help meSolution Golden Manufacturing Company started operations by acquiring $109,000 cash from the issue of common stock. On January 1, Year 1,the company purchased equipment that cost $99,000 cash, had an expected useful life of five year

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Golden Manufacturing Company started operations by acquiring $109,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $99,000 cash, had an expected useful life of five years, and had an estimated salvage value of $9,900. Golden Manufacturing earned $95,450 and $66,660 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Required a. Record the transactions in a horizontal statements model. b-1. Prepare income statements for Year 1 and Year 2. b-2. Prepare balance sheets for Year 1 and Year 2. b-3. Prepare statements of cash flows for Year 1 and Year 2.

Golden Manufacturing Company started operations by acquiring $109,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $99,000 cash, had an expected useful life of five years, and had an estimated salvage value of $9,900. Golden Manufacturing earned $95,450 and $66,660 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Required a. Record the transactions in a horizontal statements model. b-1. Prepare income statements for Year 1 and Year 2. b-2. Prepare balance sheets for Year 1 and Year 2. b-3. Prepare statements of cash flows for Year 1 and Year 2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 13PA: Colquhoun International purchases a warehouse for $300,000. The best estimate of the salvage value...

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