Homework Help is Here – Start Your Trial Now!
Business
Accounting
Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity 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 $1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. Dulu Current Year $164,000 83,000 601,000 848,000 335,000 (158,000) $ 1,025,000 $ 87,000 28,000 115,000 592,000 196,000 122,000 $ 1,025,000 Prior Year $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 $ 71,000 25,000 96,000 568,000 160,000 75,000 $ 899,000 .

Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash GOLDEN CORPORATION Comparative Balance Sheets December 31 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity 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 $1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 Additional Information on Current Year Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share. Dulu Current Year $164,000 83,000 601,000 848,000 335,000 (158,000) $ 1,025,000 $ 87,000 28,000 115,000 592,000 196,000 122,000 $ 1,025,000 Prior Year $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 $ 71,000 25,000 96,000 568,000 160,000 75,000 $ 899,000 .

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Ne income Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment Additional Information on Current Year Transactions a. 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 dividends. Balance sheet-credit balance accounts $ 1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. Note: Enter all amounts as positive values. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 $ December 31, Prior Year $ Current Year 107,000 71,000 526,000 299,000 1,003,000 $164,000 83,000 601,000 848,000 335,000 (158,000) $ 1,025,000 $ 87,000 28,000 115,000 592,000 196,000 122,000 $ 1,025,000 Analysis of Changes Debit Credit Prior Year $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 $ 71,000 25,000 96,000 568,000 160,000 75,000 $ 899,000 December 31, Current Year SHER $ $ 164,000 164,000
Transcribed Image Text:Golden Corporation'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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Ne income Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment Additional Information on Current Year Transactions a. 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 dividends. Balance sheet-credit balance accounts $ 1,792,000 1,086,000 706,000 494,000 54,000 158,000 22,000 $ 136,000 Required: Prepare a complete statement of cash flows using a spreadsheet under the indirect method. Note: Enter all amounts as positive values. GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 $ December 31, Prior Year $ Current Year 107,000 71,000 526,000 299,000 1,003,000 $164,000 83,000 601,000 848,000 335,000 (158,000) $ 1,025,000 $ 87,000 28,000 115,000 592,000 196,000 122,000 $ 1,025,000 Analysis of Changes Debit Credit Prior Year $ 107,000 71,000 526,000 704,000 299,000 (104,000) $ 899,000 $ 71,000 25,000 96,000 568,000 160,000 75,000 $ 899,000 December 31, Current Year SHER $ $ 164,000 164,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS