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. 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 receivable.InventoryTotal current assetsGOLDEN CORPORATIONComparative Balance SheetsDecember 31EquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payable.Income taxes payable.Total current liabilitiesEquityCommon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earningsTotal liabilities and equityGOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expense;Net income$ 1,812,0001,090,000722,000498,00054,000170,00027,600$ 142,400Additional Information on Current Year Transactionsa. Purchased equipment for $42,700 cash..b. Issued 12,400 shares of common stock for $5 cash per share.c. Declared and paid $93,000 in cash dividends.Current Year$ 168,00089,000607,000864,000345,700(160,000)$ 1,049,700$ 95,00032,000127,000Prior Year$ 111,40075,000530,000716,400303,000(106, 000)$ 913,400$ 75,00027,100102,100596,800572,000166,000203,200122,70073,300$ 1,049,700 $ 913,400 51Required informationBalance 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 activitiesInvesting activitiesSpreadsheet for Statement of Cash FlowsFor Current Year Ended December 31Financing activitiesDecember 31, PriorYear$$$$111,40075,000530,000303,0001,019,400106,00075,00027,100572,000166,00073,3001,019,400$Analysis of ChangesDebitOSCredit0December 31,Current Year$$$168,000168,0000

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Description: 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. Forthe year, (1) all sales are credit sales, (

We need to prepare the statement of cash flows. But the method under which it is prepared is not…

Answered: Spreadsheet for Statement of Cash Flows…

Business

Accounting

Spreadsheet for Statement of Cash Flows For Current Year Ended December 31

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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A summary of cash flows for Linda's Design Services for the year ended December 31 is shown below. Cash receipts: Cash received from customers $88,300 Cash received from sale of stock 24,300 Cash payments: Cash paid for expenses $26,100 Cash paid for land 45,800 Cash paid for supplies 330 Dividends 4,300 The cash balance as of January 1 $40,800 Prepare a statement of cash flows for Linda's Design Services for the year ended December 31. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Linda's Design Services Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities: Cash received from customers 88,300 Cash payments for expenses and supplies 26,100 X Net cash flows from operating activities 26,100
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