GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,0001,099,000758,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses$ 54,e00507,e00561,000197,000Income before taxesIncome taxes expense40,200$ 156,880Net incomeAdditional Information on Current Year Transactionsa. Purchased equipment for $58,000 cash.b. Issued 13,300 shares of common stock for $5 cash per share.c. Declared and pald $102,000 In cash dividends.Required:Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should beIndicated with a minus sign.)GOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operating activitiesAdjustments to reconcile net income to net cash provided by operations:Cash flows from investing activitiesCash flows from financing activities:Net increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year Required information[The following information applies to the questions displayed below.]Golden Corp's curent year income statement, comparative balance sheets, and additional information follow. For theyear, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts from customers, (3) allpurchases of Inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory. (5) OtherExpenses are all cash expenses, and (6) any change In Income Taxes Payable reflects the accrual and cash payment oftaxes.GOLDEN CORPORATIONComparative Balance SheetsDecember 31Current YearPrior YearAssets$ 177,000102,5e0620,5e09ee,000370,000$ 121,30084,00eCashAccounts receivableInventory539,000744,300Total current assetsEquipmentAccum. depreciation-Equipment312,00e(11e,500)$ 945,800(164,500)Total assets$1,185,500Liabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityConnon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earnings$ 113,00e41,000$ 84, 80031,6ee115, 6ee154,000607,6ee219,400124,5ee581,000179, 5ee69,70eTotal liabilities and equity$1,105,500$ 945,800GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses1,099,000758,000$ 54,000507,800561,000197.00040, 200$ 156,800Income before taxesIncome taxes expenseNet incomeAdditional Information on Current Year Transactionsa. Purchased equlpment for $58,000 cash.b. Issued 13.300 shares of common stock for $5 cash per share.c. Declared and pald $102,000 in cash dividends.Required:Prepare a complete statement of cash flows uslng the Indirect method for the current year. (Amounts to be deducted should beIndicated with a minus sign.)

Name: GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31S
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Description: GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,0001,099,000758,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses$ 54,e00507,e00561,000197,000Income before taxesIncome taxes expense

Cashflow statement gives detailed information of the cash used and generated in the business .…

Business

Accounting

ost of goods sold ross profit perating expenses Depreciation expense Other expenses ncome before taxes 1,899,000 758,000 $ 54, 000 507,000 561,000 197,800 40, 200 $ 156,800 mcome taxes expense et income ditional Information on Current Year Transactions

ost of goods sold ross profit perating expenses Depreciation expense Other expenses ncome before taxes 1,899,000 758,000 $ 54, 000 507,000 561,000 197,800 40, 200 $ 156,800 mcome taxes expense et income ditional Information on Current Year Transactions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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