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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 Show Transcribed Text Sales Cost of goods sold Gross profit GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income C Additional Information on Current Year Transactions Current Year $ 166,000 86,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 121,000 594,400 199,600 122,300 $1,037,300 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Prior Year $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100 99,100 570,000 163,000 74,100 $ 906,200

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 Show Transcribed Text Sales Cost of goods sold Gross profit GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income C Additional Information on Current Year Transactions Current Year $ 166,000 86,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 121,000 594,400 199,600 122,300 $1,037,300 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Prior Year $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100 99,100 570,000 163,000 74,100 $ 906,200

FINANCIAL ACCOUNTING
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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Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Statement of cash flows Operating activities Show Transcribed Text Retained earnings Statement of cash flows Operating activities Investing activities GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Year Financing activities $ $ $ $ $ 109,200 73,000 528,000 301,000 1,011,200 105,000 73,000 26,100 570,000 163,000 74,100 1,011,200 c 74,100 1,011,200 $ Analysis of Changes Credit Debit 0 $ 0 December 31, Current Year $ 79 $ $ $ 166,000 166,000 0 0
Transcribed Image Text:Balance sheet-debit balance accounts Cash Accounts receivable Inventory Equipment Balance sheet-credit balance accounts Accumulated depreciation Equipment Accounts payable Income taxes payable Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Statement of cash flows Operating activities Show Transcribed Text Retained earnings Statement of cash flows Operating activities Investing activities GOLDEN CORPORATION Spreadsheet for Statement of Cash Flows For Current Year Ended December 31 December 31, Prior Year Financing activities $ $ $ $ $ 109,200 73,000 528,000 301,000 1,011,200 105,000 73,000 26,100 570,000 163,000 74,100 1,011,200 c 74,100 1,011,200 $ Analysis of Changes Credit Debit 0 $ 0 December 31, Current Year $ 79 $ $ $ 166,000 166,000 0 0
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 Show Transcribed Text Sales Cost of goods sold Gross profit 3 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions Current Year $ 166,000 86,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 121,000 594,400 199,600 122,300 $1,037,300 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Prior Year $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100 99,100 570,000 163,000 74,100 $906,200
Transcribed Image Text: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 Show Transcribed Text Sales Cost of goods sold Gross profit 3 GOLDEN CORPORATION Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Additional Information on Current Year Transactions Current Year $ 166,000 86,000 604,000 856,000 340,300 (159,000) $ 1,037,300 $ 91,000 30,000 121,000 594,400 199,600 122,300 $1,037,300 $ 1,802,000 1,088,000 714,000 496,000 54,000 164,000 24,800 $ 139,200 a. Purchased equipment for $39,300 cash. b. Issued 12,200 shares of common stock for $5 cash per share. c. Declared and paid $91,000 in cash dividends. Prior Year $ 109,200 73,000 528,000 710,200 301,000 (105,000) $ 906,200 $ 73,000 26,100 99,100 570,000 163,000 74,100 $906,200
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