Cannect O ? |?https://newconnect.m html ? ? ? Cnapter 16 Quiz Help Save&Exit; Su

ID: 2411687 • Letter: C

Question

Cannect O ? |?https://newconnect.m html ? ? ? Cnapter 16 Quiz Help Save&Exit; Submit Golden Comp., a merchandieser, recently completed its 2017 operations. Fothe year, al ales are credit sales, 2) all credits to Arraunts RecrMnhl reflectcash rrcripts from customers, ?? all purchasrs of Imrntnry are on credit (4) all debils to Acccuns Payatle rellect cash payments fer iriveilry E) Othher Cxpenses aecash expenses, and (6) ay change In Income Taxes Payabe reects the accrual and cash payment ot taxes. Ihe company's balance sheets and Income statement tolloW GOLDEN CORPORATION Conparalive Balare Sheels Decenber 31, 2817 and 2016 2017 2816 $171,80 114,700 78,808 611,508 533,908 25,708 Casi Accounts receivable 93,500 Total current asscts Lquipnant Accun. depreciation-quipnant Total asscts Lsabilities and Equity Accounts payahle Ione Laxes paysble Totsl turrent liabilities Equity common stock, 2 par value Paid-in capital in axcoss of par value, comnon stack Retainad earnings Total liatilitics and cquity 076,009 $1,868,300 % 924,288 35,808 136,90 196,608 575,008 72,188 123,300 $1,868,30 % 924,200 OLDEN LURPURAIIN Incone Statenent For Year Ended Decenber 31, 2817 $1,027,088 Salas Lost of gcads sold iross profit Operatin expenses Deprecia Lion expense 54,000 Other expenses Incone before taxe: Inconc tanes expansc Net incone 179,008 31,398 147,28 K Prev Next> O Type here to search

Explanation / Answer

Cash Flow from Operating Activities:-

Net Income

147200

Adjustments:-

Depreciation

54000

Increase A/c Receivable

-15500

Increase Inventory

-78500

Increase A/c Payable

23000

Increase Income Tax Payable

6400

Cash Flow from Operating Activities (A)

136600

Cash Flow from Investing Activities:-

Purchase Equipment

-47800

Cash Flow from Investing Activities (B)

-47800

Cash Flow from Financing Activities:-

Issue common stock

63500

Declare & Paid Dividend

-96000

Cash Flow from Financing Activities (C)

-32500

Net Cash Flow (A+B+C)

56300

(+) Beginning cash balance

114700

Ending Cash Balance

171000