Golden Corp.. a merc credit Problem 12-6A 2) all credits to Accounts Receivable

Question

Golden Corp.. a merc credit Problem 12-6A 2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of in- Indirect: Statement on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other of cash fows are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash P1 P2 P3 of taxes. The company's balance sheets and income statement follow GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable .$164,000 $107.000 83,000 71,000 601,000 526,000 848,000 704,000 335,000 299,000 (158,000) (104,000) $1,025,000 $899,000 otal current assets. Accum, depreciation-Equipment Total assets GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Labilities and Equity Accounts payable. ncome taxes payable Total current liabilities.... 87,000 $ 71,000 28,000 25,000 115,000 96,000 $1,792,000 1,086,000 706,000 Sales Cost of goods sold Operating expenses Equity Common stock, $2 par value. Paid-in capital in excess 54,000 494,000 592,000568,000 Depreciation expense... Other expenses Income before taxes.. Income taxes expense 548,000 158,000 22,000 S 136,000 of par value, common stock. 196,000 160,000 122,00075,000 Retained earnings Total labilities and equity....

Explanation / Answer

Golden Corporation Statement of Cash Flow For the year ended 31 December 2017 CASH FROM OPERATING ACTIVTIES Net income 136000 Adjustment to reconcile net income to net cash provided by operations: Accounts Receivable Increase (83000-71000) -12000 Inventory increase (601000-526000) -75000 Accounts Payable Increase (87000-71000) 16000 Income Taxes Payable Increase (28000-25000) 3000 Depriciation increase 54000 Net cash flow from operating activities 122000 CASH FLOWS FROM INVESTING ACTIVITIES Cash Paid For Equipment -36000 Net cash flow from investing activities -36000 CASH FLOWS FROM FINANCING ACTIVITIES Cash Received From stock Issuance (12000*5) 60000 Cash Paid For Cash Dividends -89000 Net cash flow from financing activities -29000 Net increase in cash during 2015 57000 Cash, January 1, 2015 107000 Cash, December 31, 2015 164000

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