Question

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 Comparative Balan December 31 Comparative RTRATION Current Year Prior Year Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-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, Retained earnings $ 170,000 92,000 610,000 872,000 351,100 (161,000) $1,062,100 $ 113,600 77,000 532,000 722,600 305,000 (107,000) $ 920,600 ity 99,000 34,000 $ 77,000 28,100 105,100 133,000 common 599, 200 206,800 123.100 574,000 169,000 72.500 Prey 1

Answer 1

Answer:

GOLDEN CORPORATION Statement of Cash Flows Calculations: For current year ended December 31 Cash flow from Operating Activities $1,807,000 -$1,148,000 -$500,000 -$24,500 Cash received from Customers =77000+1822000-92000 Cash paid suppliers Cash paid for other expenses =-(610000+1092000-532000+77000-99000) Cash paid for income tax =-(28100+30400-34000) $134,500 Net Cash flows from Operating Activities Cash flow from Investing Activities -$46,100 Purchase of assets -$46,100 Net Cash flows from investing activities Cash flow from Financing Activities $63,000 Issue of Common stock -$95,000 =-(72500+145600-123100) Payment of dividends -$32,000 $56,400 $113,600 Net Cash flows from financing activities Net Increase (Decrease) in Cash Cash balance at December 31, prior year Cash balance at December 31, current year $170,000