RECOMMENDED!!ACCOUNTING 211-003-Golden Corp., a merchandiser, recently completed

  

Required informationGolden 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 CORPORATIONComparative Balance SheetsDecember 31, 2017 and 2016 2017 2016Assets Cash$175,000 $119,100 Accounts receivable 99,500 82,000 Inventory 617,500 537,000 Total current assets 892,000 738,100 Equipment 364,600 310,000 Accum. depreciation—Equipment (163,500) (109,500)Total assets$1,093,100 $938,600 Liabilities and Equity Accounts payable$109,000 $82,000 Income taxes payable 39,000 30,600 Total current liabilities 148,000 112,600 Equity Common stock, $2 par value 614,000 579,000 Paid-in capital in excess of par value, common stock 207,000 176,500 Retained earnings 124,100 70,500 Total liabilities and equity$1,093,100 $938,600 GOLDEN CORPORATIONIncome StatementFor Year Ended December 31, 2017Sales $1,847,000Cost of goods sold 1,097,000Gross profit 750,000Operating expenses Depreciation expense$54,000 Other expenses 505,000 559,000Income before taxes 191,000Income taxes expense 37,400Net income $153,600Additional Information on Year 2017 TransactionsPurchased equipment for $54,600 cash.Issued 13,100 shares of common stock for $5 cash per share.Declared and paid $100,000 in cash dividends.Required: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.) rev: 11_15_2017_QC_CS-108324This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.NextVisit question mapQuestion8of8Total8 of 8Prev