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Required information [The following information applies to the questions displayed below] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Fom 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Current Year $177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800

Required information [The following information applies to the questions displayed below] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Fom 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Current Year $177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800

FINANCIAL ACCOUNTING
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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Golden Corporation's current year income statement, comparative balance sheets, and additional information follow.  

Required information [The following information applies to the questions displayed below] 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 $ 1.857.000 Current Year $ 177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
Transcribed Image Text:Required information [The following information applies to the questions displayed below] 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 GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Sales GOLDEN CORPORATION Income Statement For Current Year Ended December 31 $ 1.857.000 Current Year $ 177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
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 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 Required information Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and paid $102,000 in cash dividends Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash For Current Year Ended December 31 Changes in current assets and current liabilities Cash flows from mnvesting activities Cash flows from financing activities $1,857,000 1,099,000 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 758,000 507,000 54,000 197,000 40,200 $ 156,800 $ 177,000 102,500 620,500 900,000 370,000 (164,500) $ 1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 $121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
Transcribed Image Text: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 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 Required information Additional Information on Current Year Transactions a. Purchased equipment for $58,000 cash. b. Issued 13,300 shares of common stock for $5 cash per share. c. Declared and paid $102,000 in cash dividends Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations Income statement items not affecting cash For Current Year Ended December 31 Changes in current assets and current liabilities Cash flows from mnvesting activities Cash flows from financing activities $1,857,000 1,099,000 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 758,000 507,000 54,000 197,000 40,200 $ 156,800 $ 177,000 102,500 620,500 900,000 370,000 (164,500) $ 1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 $121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
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