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.
GOLDEN CORPORATION | |||
Statement of Cash flows (Indirect Method) | |||
for the year ended December 31,2017 | |||
Cash flows from Operating activities | |||
Net income | $137,600.00 | ||
Adjustments to reconcile net income to net cash provided by operations | |||
Depreciation expense | $54,000.00 | ||
Increase in Accounts Receivables | -$12,500.00 | ||
Increase in Inventory | -$75,500.00 | ||
Increase in Accounts Payable | $17,000.00 | ||
Increase in Income Tax payable | $3,400.00 | ||
-$13,600.00 | |||
Net Cash used for Operating Activities | $124,000.00 | ||
Cash flows from Investing activities | |||
Purchase of equipment | -$37,600.00 | ||
Net Cash used for Investing Activities | -$37,600.00 | ||
Cash flow from Financing activities | |||
Issue of Common stock | $60,500.00 | ||
Dividend Paid | -$90,000.00 | ||
Net cash available from Financing activities | -$29,500.00 | ||
Net Increase (decrease) in Cash | $56,900.00 | ||
Add : Cash balance at the beginning of year | $108,100.00 | ||
Cash balance at the end of year | $165,000.00 | ||
Golden Corp. a merchandiser, recently completed its 2017 operations. For the year
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 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. The company's balance sheets and income statement follow GOLDEN...
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 in- ventory 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. The company's balance sheets and income statement follow....
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 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. The company’s balance sheets and income statement follow. GOLDEN...
Golden Corp, a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit Problem 16-6A sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of in- Indirect: Statement ventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory. (5) Other of cash flows Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash P1 P2 P3 payment...
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 or in ventory 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. The company's balance sheets and income statement follow....
Golden Corp., a merchandiser, recently completed its 2018 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 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. The company’s balance sheets and income statement follow. GOLDEN...
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.
Use the following information for the Problems below. Golden Corp. a merchandiser, recently completed its 2017 operations. For the year, (l) 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. The...
Carlberg 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 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. The company’s balance sheets and income statement follow. CARLBERG...
Required information 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 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. The company's balance sheets and income statement...