[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. GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Assets Cash Accounts receivable Accumulated depreciation-Equipment Income Statement Inventory Total current assets Equipment 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 Total assets Liabilities and Equity Accounts payable 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 $ 1,807,000 1,089,000 718,000 497,000 54,000 167,000 26,200 $ 140,800 Current Year $ 167,000 87,500 605,500 860,000 343,000 (159,500) $1,043,500 $ 93,000 31,000 124,000 595,600 201,400 122,500 $1,043,500 Prior Year $ 110,300 74,000 529,000 713,300 302,000 (105,500) $909,800 $74,000 26,600 100,600 571,000 164,500 73,700 $ 909,800 Additional Information on Current Year Transactions Purchased equipment for $41,000 cash. Issued 12,300 shares of common stock for $5 cash per share. Declared and paid $92,000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
[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. GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Assets Cash Accounts receivable Accumulated depreciation-Equipment Income Statement Inventory Total current assets Equipment 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 Total assets Liabilities and Equity Accounts payable 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 $ 1,807,000 1,089,000 718,000 497,000 54,000 167,000 26,200 $ 140,800 Current Year $ 167,000 87,500 605,500 860,000 343,000 (159,500) $1,043,500 $ 93,000 31,000 124,000 595,600 201,400 122,500 $1,043,500 Prior Year $ 110,300 74,000 529,000 713,300 302,000 (105,500) $909,800 $74,000 26,600 100,600 571,000 164,500 73,700 $ 909,800 Additional Information on Current Year Transactions Purchased equipment for $41,000 cash. Issued 12,300 shares of common stock for $5 cash per share. Declared and paid $92,000 in cash dividends. Required: Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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.
GOLDEN CORPORATION
Comparative Balance Sheets
December 31
Assets
Cash
Accounts receivable
Accumulated depreciation-Equipment
GOLDEN CORPORATION
Income Statement.
Inventory
Total current assets
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
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
$ 1,807,000
1,089,000
718,000
497,000
54,000
167,000
26,200
$ 140,800
Current Year
$ 167,000
87,500
605,500
860,000
343,000
(159,500)
$1,043,500
$ 93,000
31,000
124,000
595,600
201,400
122,500
$ 1,043,500
Prior Year
$ 110,300
74,000
529,000
713,300
302,000
(105,500)
$909,800
$ 74,000
26,600
100,600
571,000
164,500
73,700
$ 909,800
Additional Information on Current Year Transactions
Purchased equipment for $41,000 cash.
Issued 12,300 shares of common stock for $5 cash per share.
Declared and paid $92,000 in cash dividends.
Required:
Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated
with a minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1aeac00-eaa5-4c0e-a9c2-4672633aca7c%2Fa08aa15a-e80e-42e8-8193-5c9d12c65f2a%2Fkqrbfz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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.
GOLDEN CORPORATION
Comparative Balance Sheets
December 31
Assets
Cash
Accounts receivable
Accumulated depreciation-Equipment
GOLDEN CORPORATION
Income Statement.
Inventory
Total current assets
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
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
$ 1,807,000
1,089,000
718,000
497,000
54,000
167,000
26,200
$ 140,800
Current Year
$ 167,000
87,500
605,500
860,000
343,000
(159,500)
$1,043,500
$ 93,000
31,000
124,000
595,600
201,400
122,500
$ 1,043,500
Prior Year
$ 110,300
74,000
529,000
713,300
302,000
(105,500)
$909,800
$ 74,000
26,600
100,600
571,000
164,500
73,700
$ 909,800
Additional Information on Current Year Transactions
Purchased equipment for $41,000 cash.
Issued 12,300 shares of common stock for $5 cash per share.
Declared and paid $92,000 in cash dividends.
Required:
Prepare a complete statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated
with a minus sign.)
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