Golden Corp, a merchandiser, recently completed Its 2017 operations. For the yea

Question

Golden Corp, a merchandiser, recently completed Its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Recevable 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. The company's balance sheets and Income statement follow Coeparative Balance Sheets December 31, 2817 and 2816 Assets Cash 128, 280 s 176,eee 83,900 619,908538,808 741,280 311,e00 118,08e $1,099 , 300 % 942,200 181,00 Accounts receivable Inventory Total current assets Equipment Accus, depreciation-Equipnent Total assets 896,800 367, ??? 164,06e Liabilities and Equity Accounts payable 111,00@ % 83,eee e,831 10e Incone taxes payable Total current 11abilities Equity 151,8e0 114,188 Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings 616,80058e,0e0 178,800 124,3ee8 188 1,899,300 942,200 288,006 Total 1iabilities and equity GOLDEN CORPORAT ON Incone Statesent Year Lnded Decesber 31, 2817 sales $3,852,ee 98,eee Cost of goods sold Operating expenses Other expenses Gross profit 754,9ee Depreciation expense income before taxes set incose s 54,90e

Explanation / Answer

Goldern Corporation Statement of Cash Flows For the Year ended December 31, 2017 Cash flow from Operating Activities Net Income 155200 Add : Depreciation 54000 operating profit before working capital changes 209200 Increase in Accounts receivables -18000 Increase in Inventories -81000 Increase in income tax payable 8900 Increase in Trade Payables 28000 Net Cash provided by Operating activities A 147100 Cash flow from Investing Activities Purchase of equipment -56300 Cash generated from Investing activities C -56300 Cash flow from Financing activities Dividend paid -101000 Receipt from Common stock & APIC 66000 Cash generated from Financing activities B -35000 Net Increase(Decrease) in cash A+B+C 55800 Add : Cash Balance at beginning of the year 120200 Cash Balance at the end of the year 176000 We appreciate the rating of our answers. If you found the solution helpful, kindly rate it. Rating encourages us to improve/maintain the quality of our answers. Thank You

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