Required:Prepare a complete statement of cash flows using the direct method for the current year.Note: Amounts to be deducted should be indicated with a minus sign.GOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operating activitiesCash received from customersCash paid for inventoryCash paid for operating expensesCash flows from investing activitiesCash paid for equipmentCash flows from financing activitiesCash received from issuing stockCash paid for dividendsNet increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year$$$00000 Required information[The following information applies to the questions displayed below.]Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Forthe year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) allpurchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) anychange in Income Taxes Payable reflects the accrual and cash payment of taxes.AssetsCashAccounts receivableInventoryTotal current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityCommon stock, $2 par valueGOLDEN CORPORATIONComparative Balance SheetsDecember 31Paid-in capital in excess of par value, common stockRetained earningsTotal liabilities and equityGOLDEN CORPORATIONIncome StatementFor Current Year Ended December 31SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet incomeAdditional Information on Current Year Transactions$ 1,882,0001,104,000778,000512,00054,000212,00047,200$ 164,800a. Purchased equipment for $66,500 cash.b. Issued 13,800 shares of common stock for $5 cash per share.c. Declared and paid $107,000 in cash dividends.Current Year$ 182,000110,000628,000920,000383,500(167,000)$ 1,136,500$ 123,00046,000169,000613,600228,400125,500$ 1,136,500Prior Year$ 126,80089,000544,000759,800317,000(113,000)$ 963,800$ 89,00034,100123,100586,000187,00067,700$ 963,800

It is important in the business entity to prepare the Cash flow statement which can be determine the…

Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Current Year $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 $ 123,000 46,000 169,000 613,600 228,400 125,500 $ 1,136,500 Prior Year $ 126,800 89,000 544,000 759,800 317,000 (113,000) $ 963,800 $ 89,000 34,100 123,100 586,000 187,000 67,700 $ 963,800

Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity Current Year $ 182,000 110,000 628,000 920,000 383,500 (167,000) $ 1,136,500 $ 123,000 46,000 169,000 613,600 228,400 125,500 $ 1,136,500 Prior Year $ 126,800 89,000 544,000 759,800 317,000 (113,000) $ 963,800 $ 89,000 34,100 123,100 586,000 187,000 67,700 $ 963,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash GOLDEN CORPORATION Statement of Cash Flows For Current Year Ended December 31 Changes in current assets and current liabilities Cash flows from investing activities Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year
Required information [The following information applies to the questions displayed below.] 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. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets $ 69,400 85,400 295,156 1,340 $ 86,500 63,625 264,800 2,155 Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment 417,080 121,000 (52,500) 451,296 144,500 (43,125) Total assets $552,671 $485,580 Liabilities and Equity Accounts payable Short-term notes payable $ 66,141 13,900 80,041 58,500 $134,175 8,600 Total current…
[The following information applies to the questions displayed below.]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, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANYIncome StatementFor Current Year Ended December 31 Sales $ 597,500 Cost of goods sold 288,000 Gross profit 309,500 Operating expenses (excluding depreciation) $ 135,400 Depreciation expense 23,750 159,150 Other gains (losses) Loss on sale of equipment (8,125 ) Income before taxes 142,225 Income taxes expense 28,450 Net income $ 113,775 FORTEN COMPANYComparative Balance SheetsDecember 31 Current Year…
Required information [The following information applies to the questions displayed below.] Golden Corp's curent year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts 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 $ 177,000 102,5e0 620,5e0 9ee,000 370,000 $ 121,300 84,00e Cash Accounts receivable Inventory 539,000 744,300 Total current assets Equipment Accum. depreciation-Equipment 312,00e (11e,500) $ 945,800 (164,500) Total assets $1,185,500 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Connon…
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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation)…
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. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated 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, common stock. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit GOLDEN CORPORATION Comparative Balance Sheets December 31 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation)…
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 Current Year Prior Year Assets Cash $ 171,000 $ 114,700 Accounts receivable 93,500 78,000 Inventory 611,500 533,000 Total current assets 876,000 725,700 Equipment 353,800 306,000 Accumulated depreciation—Equipment (161,500) (107,500) Total assets $ 1,068,300 $ 924,200 Liabilities and Equity Accounts payable $ 101,000 $ 78,000 Income taxes payable 35,000 28,600 Total current liabilities 136,000 106,600 Equity Common stock, $2 par value…
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 Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Current Year Prior Year $ $ 171,000 114,700 93,500 78,000 611,500 533,000 876,000 725,700 353,800 306,000 (161,500) (107,500) $ $ 1,068,300 924,200 $ 101,000 $ 78,000 35,000 28,600 Income taxes payable Total current liabilities 136,000 106,600 Equity Common stock, $2 par value 600,400 575,000 Paid-in capital in excess of par value,…
Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATIONComparative Balance SheetsDecember 31 Current YearPrior YearAssets Cash$ 180,000$ 124,600Accounts receivable107,00087,000Inventory625,000542,000Total current assets912,000753,600Equipment378,100315,000Accumulated depreciation—Equipment(166,000)(112,000)Total assets$ 1,124,100$ 956,600Liabilities and Equity Accounts payable$ 119,000$ 87,000Income taxes payable44,00033,100Total current liabilities163,000120,100Equity Common stock, $2 par value611,200584,000Paid-in capital in excess of par value, common…
Panzarella 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets PANZARELLA CORPORATION Comparative Balance Sheets December 31 Equipment Accumulated 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, common stock Retained earnings Total liabilities and equity PANZARELLA CORPORATION Income Statement For Year Ended December 31 Sales Cost of goods sold Gross…
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. Required:Prepare a complete statement of cash flows using a spreadsheet under the indirect method. (Enter all amounts as positive values.)
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, and (4) all debits to Accounts Payable reflect cash payments for inventory. Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Income Statement For Current Year Ended December 31 Accounts receivable Inventory Prepaid expenses Total current assets FORTEN COMPANY Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings…