Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 18 Aug 2017 My Price 14.00

Golden Corp.,

5 STARS FOR CORRECT ANSWER. THANKS!

Golden Corp., a merchandiser, recently completed its 2013 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 companyAc€?cs balance sheets and income statement follow.

    

GOLDEN CORPORATION
Comparative Balance Sheets
December 31, 2013 and 2012
  2013   2012
  Assets            
  Cash $ 221,000   $ 165,000  
  Accounts receivable   99,000     81,000  
  Merchandise inventory   635,000     543,000  
  Equipment   379,000     333,000  
  Accum. depreciationAc€??Equipment   (187,000 )   (121,000 )
             
  Total assets $ 1,147,000   $ 1,001,000  
             
  Liabilities and Equity            
  Accounts payable $ 101,000   $ 88,000  
  Income taxes payable   50,000     42,000  
  Common stock, $2 par value   624,000     602,000  
  Paid-in capital in excess of par value, common stock   210,000     177,000  
  Retained earnings   162,000     92,000  
             
  Total liabilities and equity $ 1,147,000   $ 1,001,000  
             
 
GOLDEN CORPORATION
Income Statement
For Year Ended December 31, 2013
  Sales       $ 1,877,000
  Cost of goods sold         1,103,000
           
  Gross profit         774,000
  Operating expenses          
       Depreciation expense $ 66,000      
       Other expenses   511,000     577,000
           
  Income before taxes         197,000
  Income taxes expense         26,000
           
  Net income       $ 171,000
           
 

  

Additional Information on Year 2013 Transactions
a.

Purchased equipment for $46,000 cash.
b.

Issued 11,000 shares of common stock for $5 cash per share.
c.

Declared and paid $101,000 in cash dividends.
Required:

Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 02:08 PM My Price 14.00

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