Required information Golden Corp., a merchandiser, recently completed its 2017 o

Question

Required information Golden Corp., a merchandiser, recently completed its 2017 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 CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Aceun. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Incone taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 180,000 124,600 87,000 625,000542,000 107,000 9 753,600 378, 100315,000 912, 000 (166,000) (112,000) $1,124,100 956,600 s 119,000 87,000 44000120, 163,000331 100 624,000 584,000 184,000 125,100 68,500 $1,124,100 956,600 212,000

Explanation / Answer

Statement of cash flow Cash from operating activities net income for the year 161,600 Adjustments to reconcile net income to net cash provided by operations Depreciation expense 54,000 increase in account receivable -20000 increase in inventory -83000 increase in accounts payable 32000 increase in income taxes payable 10900 Net cash frok operating activities 155,500 Cash from investing activities cash paid for purchase of Equipment -63,100 Net cash used for investing activities -63,100 Cash from financing activities cash from stock issue 68000 Cash paid for dividends -105,000 net cash used by financing activities -37,000 Net increase in cash 55,400 Cash at the beginning of the year 124,600 Cash at year end 180,000

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.