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
accrual and cash payment of taxes.
GOLDEN CORPORATION Comparative Balance Sheets December 31 |
|||||||||||
Current Year | Prior Year | ||||||||||
Assets | |||||||||||
Cash | $ | 165,000 | $ | 108,100 | |||||||
Accounts receivable | 84,500 | 72,000 | |||||||||
Inventory | 602,500 | 527,000 | |||||||||
Total current assets | 852,000 | 707,100 | |||||||||
Equipment | 337,600 | 300,000 | |||||||||
Accum. depreciation—Equipment | (158,500 | ) | (104,500 | ) | |||||||
Total assets | $ | 1,031,100 | $ | 902,600 | |||||||
Liabilities and Equity | |||||||||||
Accounts payable | $ | 89,000 | $ | 72,000 | |||||||
Income taxes payable | 29,000 | 25,600 | |||||||||
Total current liabilities | 118,000 | 97,600 | |||||||||
Equity | |||||||||||
Common stock, $2 par value | 593,200 | 569,000 | |||||||||
Paid-in capital in excess of par value, common stock | 197,800 | 161,500 | |||||||||
Retained earnings | 122,100 | 74,500 | |||||||||
Total liabilities and equity | $ | 1,031,100 | $ | 902,600 | |||||||
GOLDEN CORPORATION Income Statement For Current Year Ended December 31 |
||||||
Sales | $ | 1,797,000 | ||||
Cost of goods sold | 1,087,000 | |||||
Gross profit | 710,000 | |||||
Operating expenses | ||||||
Depreciation expense | $ | 54,000 | ||||
Other expenses | 495,000 | 549,000 | ||||
Income before taxes | 161,000 | |||||
Income taxes expense | 23,400 | |||||
Net income | $ | 137,600 | ||||
Additional Information on Current Year
Transactions
Answer-
GOLDEN CORPORATION | ||
STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
FOR THE YEAR ENDED 31 | ||
Particulars | Amount | |
$ | ||
Cash flow from operating activities | ||
Net Income | 137600 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Adjustment for non cash effects | ||
Depreciation expenses | 54000 | |
Change in operating assets & liabilities | ||
Increase in accounts receivable | -12500 | |
Increase in inventory | -75500 | |
Increase in accounts payable | 17000 | |
Increase in income taxes payable | 3400 | |
Net cash flow from operating activities (a) | 124000 | |
Cash Flow from Investing activities | ||
New equipment purchased | -37600 | |
Net cash Flow from Investing activities (b) | -37600 | |
Cash Flow from Financing activities | ||
Cash dividends paid | -90000 | |
Common stock issued | 60500 | |
Net cash Flow from Financing activities (c) | -29500 | |
Net Change in cash c=a+b+c | 56900 | |
Beginning cash balance | 108100 | |
Closing cash balance | 165000 |
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...
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...
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...
[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 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 (1) 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...
Required Information [The following information applies to the questions displayed below.) Golden Corp. 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...
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, () 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...
Required information The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. 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 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 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...
This one keeps coming incomplete so im lost on it GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Net income $137,600 Adjustments to reconcile net income to net cash provided by operations: Depreciation expense 54,000 Accounts receivable increase (12,500) Inventory increase (75,500) Accounts payable increase (17,000) Income taxes payable decrease 3,400 $90,000 Cash flows from investing activities: Cash paid for equipment (37,600) Net cash used in financing activities (37,600) Cash flows...