(--) cl ezto.mheducation.com/hm.tpx Golden Corp. a merchandiser, recently comple

Question

(--) cl ezto.mheducation.com/hm.tpx Golden Corp. a merchandiser, recently completed its 2015 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, 2015 and 2014 2015 2014 Assets Cash Accounts receivable Inventory $247,000 S 174,000 84,000 641,000546,000 105,000 Total current assets Equipment Accum. depreciation- Equipment 993,000804,000 388,000339,000 (193,000)(124,000) Total assets $1,188,000 $1,019,000 Liabilities and Equity Accounts payable Income taxes payable S 107.000$91,000 56,00045,000 163,000136,000 Total current liabilities Equity Common stock $2 par value Paid-in capital in excess of par value common stock Retained earnings 636,000 608,000 222,000180,000 167,00095,000 $1.188 000 $1,019,000 Total iabilities and equity

Explanation / Answer

Golden Corporation Statement of Cash Flow For the year ended 31 December 2015 CASH FROM OPERATING ACTIVTIES Net income 176000 Adjustment to reconcile net income to net cash provided by operations: Accounts Receivable Increase -21000 Inventory increase -95000 Accounts Payable Increase 16000 Income Taxes Payable Increase 11000 Depriciation increase 69000 Net cash flow from operating activities 156000 CASH FLOWS FROM INVESTING ACTIVITIES Cash Paid For Equipment -49000 Net cash flow from investing activities -49000 CASH FLOWS FROM FINANCING ACTIVITIES Cash Received From stock Issuance 70000 Cash Paid For Cash Dividends -104000 Net cash flow from financing activities -34000 Net increase in cash during 2015 73000 Cash, January 1, 2015 174000 Cash, December 31, 2015 247000

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