Golden Corp.. a merchandiser, recently completed its 201′:Ir operations. For the year, {1} all sales are credit sales. {2} allcredits to Accounts Receivable re?ect cash receipts from customers. {3} all purchases of inventory are on credit. [4) alldebits to Accounts Payable reflect cash payments for inventory, [5] Other Expenses are all cash expenses. and [5] anychange in Income Taxes Payable re?ects the accrual and cash payment of taxes. The company’s balance sheets andincome statement follow. ?ns-ts Cash $ 161,000 5 110.300Accounts receivable BT,500 74,000Inventory 605.500 529.000Total current assets 360,000 ?13,300Equipment 343.000 302.000Accum. depreciation—Equipment !159,500l l105,500!Total assets $1,043,500 5 905,300Liabilities and Equity Accounts payable 5 93.000 5 74.000Income taxes payable 31,000 26,600Total current liabilities 124,000 100,600Equity Common stock, $2 par value 590.000 571.000Paid-in capital in excess of par value, common stock 199,000 164,500Retained earnings 122,500 73.?00Total liabilities and equity $1,043,500 $ 909,300Additional Information on Year 2017 TransactionsPurchased equipment for $41,000 cash.Issued 12,300 shares of common stock for $5 cash per share.Declared and paid $92,000 in cash dividends.Required:Prepare complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to theindirect method. (Amounts to be deducted should be indicated with a minus sign.)
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