FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step.

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
expand button
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
expand button
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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education