5 homework Requlred Information Golden Corp, a merchandiser recently completed I
ID: 2333177 • Letter: 5
Question
5 homework Requlred Information Golden Corp, a merchandiser recently completed Its 2017 operations. For the year, ( all salles are credit sales, (2) all credits to Accounts Recelvable reflect cash receipts from customers, (3) all purchases of Inventory are on crean, (4) all debits to Accounts Payable reflect Expenses are all cash expenses, and 6) any change nir come Taxes Payable renects the accrual and cash payment of taxes. The company's balance sheets and Income statement follow cash payments for inventory, (5) Other Comparative Balance Sheets December 31, 2017 and 2016 Assets Cash Accounts receivable $ 178,000 122,400 85,000 622,000540,000 747,400 372,700 313,000 165,0001 (111,0001 $1,111,700 949,400 104,000 Total current assets Equipment Accum. depreciation-Equipment Total assets 904,000 Liabilities and Equity nts payable Income taxes payable Total current liabilities Equity common stock, 2 par value Paid-in capital in excess of par alue, common stock Ret S 115,000 85,000 157,000 111,100 620,000 582,000 210,00 181,000 124,700 32,100 Total 1iabilities and equity $1,111,70 941,400 COLDEN CORPORATION Income Statement For Year Ended December 31 2017 Sales Cost of goodsr sold Grons profit Operating expenaes $1 862,900 742,00 Depreclation s 54,000 508 00052 000 Other experter It.come beterR taxes Income taXes expainas 41 600 Inf oni Year 2017 TransactionsExplanation / Answer
Statement of cash flows
For the year ended December 31, 2017
Particulars
$
$
I.Cash flows from Operating Activities
Net income
158,400
Add: Provision for tax made
41,600
Depreciation expense
54,000
Operating profit before working capital changes
254,000
Add: Increase in current liabilities
Accounts payable
30,000
Less: Increase in current assets
Cash generated from operations
183,000
Less: Tax paid
(31,700)
Net cash generated from Operating Activities
151,300
II.Cash flow from Investing Activities
Purchase of equipment
(59,700)
Net cash used in Investing Activities
(59,700)
III. Cash flow from Financing Activities
Issue of common shares
67,000
Cash dividend paid
(103,000)
Net cash used in Financing Activities
(36,000)
Net increase in Cash and Cash Equivalents(I +II +III)
55,600
Add: Cash and cash equivalents in the beginning of the period
122,400
Cash and cash equivalents at the end of the period
178,000
Income tax payable Account
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Particulars
$
$
I.Cash flows from Operating Activities
Net income
158,400
Add: Provision for tax made
41,600
Depreciation expense
54,000
Operating profit before working capital changes
254,000
Add: Increase in current liabilities
Accounts payable
30,000
Less: Increase in current assets
Accounts receivables (19,000) Inventories (82,000)Cash generated from operations
183,000
Less: Tax paid
(31,700)
Net cash generated from Operating Activities
151,300
II.Cash flow from Investing Activities
Purchase of equipment
(59,700)
Net cash used in Investing Activities
(59,700)
III. Cash flow from Financing Activities
Issue of common shares
67,000
Cash dividend paid
(103,000)
Net cash used in Financing Activities
(36,000)
Net increase in Cash and Cash Equivalents(I +II +III)
55,600
Add: Cash and cash equivalents in the beginning of the period
122,400
Cash and cash equivalents at the end of the period
178,000
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