Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.
Homework Answers
| Statement of cash flows | ||
| For the year ended December 31 | ||
| Cash Flows from Operating Activities | ||
| Net Income | $156,800 | |
| Adjustments to reconcile net income to net cash Provided by (used for) operating activities) | ||
| Depreciation expense | 54000 | |
| Accounts payable increase | 29000 | |
| Income taxes payable increase | 9400 | |
| Accounts receivable increase | -18500 | |
| Inventory increase | -81,500 | -7600 |
| Net cash provided by operating activities | $149,200 | |
| Cash Flows from Investing Activities | ||
| Cash paid for equipment | -58,000 | |
| Cash used in investing activities | -58000 | |
| Cash flow from financing activities | ||
| Cash received from stock issuance | 66500 | |
| Cash paid for cash dividends | -102000 | |
| Cash used in financing activities | -35500 | |
| Net increase (decrease) in cash | $55,700 | |
| Add: Cash balance at December 31, prior year | 121300 | |
| Cash balance at December 31, current year | $177,000 | |
Add Answer to:
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow
Golden Corp's current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.Additional Information on Current Year Transactionsa....
Golden Corp.'s current year income statement , comparative balance sheets, and additional information follow. For the...
Golden Corp.'s current year
income statement , comparative balance sheets, and additional
information follow. For the year, () all sales are credit sales.
(2) all credits to Accounts Receivable reflect cash receipts from
customers , (3) all purchases of inventory are on credit, () all
debits to Accounts Payable reflect cash payments for inventory(5)
Other Expenses are all cash expenses , and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of
taxes.
Required: Prepare a...
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets...
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'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, (5) Other Expenses are all
cash expenses, and (6) any change in Income Taxes Payable reflects
the accrual and cash payment of taxes.
GOLDEN CORPORATION
Income Statement
For...
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets...
Golden Corp's current year income statement, comparative balance sheets, and additional information follow. For the year,...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.General Journal tab - Reconstruct the...
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year,...
Forten Company'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) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
Golden Corp. a merchandiser, recently completed its 2017 operations. For the year
Golden Corp. a merchandiser, recently completed its 2017 operations. For the year, ( t) al sales are credit sales, P, 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, (5) Other Expenses are all cash expenses, and (6) any change in corner Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow.
[The following information applies to the questions displayed below.] Golden Corp.'s current year income statement, comparative...
[The following information applies to the questions displayed below.] Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and...
Required information [The following information applies to the questions displayed below.] Golden Corp.'s current year income...
Required information [The following information applies to the questions displayed below.] Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.Additional Information on Current Year Transactionsa....
Golden Corp.'s current year
income statement , comparative balance sheets, and additional
information follow. For the year, () all sales are credit sales.
(2) all credits to Accounts Receivable reflect cash receipts from
customers , (3) all purchases of inventory are on credit, () all
debits to Accounts Payable reflect cash payments for inventory(5)
Other Expenses are all cash expenses , and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of
taxes.
Required: Prepare a...
Golden Corp.'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, (5) Other Expenses are all
cash expenses, and (6) any change in Income Taxes Payable reflects
the accrual and cash payment of taxes.
GOLDEN CORPORATION
Income Statement
For...
Golden Corp.'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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.General Journal tab - Reconstruct the...
Forten Company'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) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
Golden Corp. a merchandiser, recently completed its 2017 operations. For the year, ( t) al sales are credit sales, P, 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, (5) Other Expenses are all cash expenses, and (6) any change in corner Taxes Payable reflects the accrual and cash payment of taxes. The company's balance sheets and income statement follow.
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