Golden Corp., a merchandiser, recently completed its 2015 operations. For the ye
ID: 2589196 • Letter: G
Question
Golden Corp., a merchandiser, recently completed its 2015 operations. 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. The company’s balance sheets and income statement follow.
Golden Corp., a merchandiser, recently completed its 2015 operations. 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. The company's balance sheets and income statement follow. Othr in Income Taxes PayableExplanation / Answer
Golder Corporation Statement of Cash Flow For Y.E. 31/12/2015 Cash flow from operating activities Income Before Tax 605,120 (+) Depreciation during the year 57,220 (-) Payment of Dividend -441,988 (-) Inc. in A/R -13,020 (-) Inc. in Inventory -80,930 (-) Dec. in Accounts Payable -29,140 (-) Payment of Tax -114,448 -622,306 -17,186 Cash Flow from Investing Activities -Purchase of Equipment -38128 -38,128 Cash flow from Financing Activities + issue of common Stock 117000 117,000 Net Inc. (Dec.) in Cash 61,686 Cash Balance in the beg.of the year 126,504 Cash Balance at the end of the year 188,190
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