Please do not give solution in image format thanku GOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet incomeGOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Additional Information on Current Year Transactionsa. Purchased equipment for $39,300 cash.b. Issued 12,200 shares of common stock for $5 cash per share.c. Declared and paid $91,000 in cash dividends.Required:Prepare a complete statement of cash flows using the direct method for the current year.Note: Amounts to be deducted should be indicated with a minus sign.GOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operating activities$ 1,802,0001,088,000Cash flows from investing activitiesCash flows from financing activities714,000496,00054,000Net increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year164,00024,800$ 139,200$$$00000 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 assetsGOLDEN CORPORATIONComparative Balance SheetsDecember 31EquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityCommon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earningsTotal liabilities and equity.Current Year$ 166,00086,000604,000856,000340, 300(159,000)$ 1,037,300$ 91,00030,000121,0001594,400199,600122,300$ 1,037,300Prior Year$ 109,20073,000528,000710,200301,000(105,000)$ 906,200$ 73,00026,10099, 100570,000163,00074,100$ 906,200

The cash flow statement is prepared to record the cash flow from various activities during the…

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 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 tequired: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.

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 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 tequired: Prepare a complete statement of cash flows using the direct method for the current year. Note: Amounts to be deducted should be indicated with a minus sign.

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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