Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Forthe year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) allpurchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) anychange in Income Taxes Payable reflects the accrual and cash payment of taxes.AssetsCashAccounts receivableInventoryTotal current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityCommon stock, $2 par valueGOLDEN CORPORATIONComparative Balance SheetsDecember 31Paid-in capital in excess of par value, common stockRetained earningsTotal liabilities and equityGOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet income$ 1,792,0001,086,000706,000494,00054,000158,00022,000$ 136,000Additional Information on Current Year Transactionsa. Purchased equipment for $36,000 cash.b. Issued 12,000 shares of common stock for $5 cash per share.c. Declared and paid $89.000 in cash dividendsCurrent Year$ 164,00083,000601,000848,000335,000(158,000)$ 1,025,000$ 87,00028,000115,000592,000196,000122,000$ 1,025,000Prior Year$ 107,00071,000526,000704,000299,000(104,000)$ 899,000$ 71,00025,00096,000568,000160,00075,000$ 899,000S Balance sheet-debit balance accountsCashAccounts receivableInventoryEquipmentBalance sheet-credit balance accountsAccumulated depreciation EquipmentAccounts payableIncome taxes payableCommon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earningsStatement of cash flowsOperating activitiesOULULI CONI ORATIONSpreadsheet for Statement of Cash FlowsFor Current Year Ended December 31-at..tal--December 31, PriorYear$$$$107,00071,000526,000299,0001,003,000104,00071,00025,000568,000160,00075,0001,003,000Analysis of ChangesDebitCreditDecember 31,Current Year$EA164,000

Name: Golden Corporation's current year income statement, comparative balan
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Description: Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Forthe year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) allpurch

Statement of cash flows is one of the financial statement in the business, which shows all cash…

Business

Accounting

Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment VULULIT CONNI DIVATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Statement of cash flows Operating activities December 31, Prior Year $ $ LA $ 107,000 71,000 526,000 299,000 1,003,000 104,000 71,000 25,000 568,000 160,000 75,000 1,003,000 Analysis of Changes Debit Credit December 31, Current Year $ 164,000

Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment VULULIT CONNI DIVATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 Balance sheet-credit balance accounts Accumulated depreciation-Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Statement of cash flows Operating activities December 31, Prior Year $ $ LA $ 107,000 71,000 526,000 299,000 1,003,000 104,000 71,000 25,000 568,000 160,000 75,000 1,003,000 Analysis of Changes Debit Credit December 31, Current Year $ 164,000

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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