Answer full question. Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common stock. On January 1,Year 1, the company purchased equipment that cost $120,000 cash, had an expected useful life of six years, and had an estimatedsalvage value of $4,000. Golden Manufacturing earned $72,000 and $83,000 of cash revenue during Year 1 and Year 2,respectively. Golden Manufacturing uses double-declining-balance depreciation.Requireda. Record the purchase in a horizontal statements model.b-1. Prepare income statements for Year 1 and Year 2.b-2. Prepare balance sheets for Year 1 and Year 2.b-3. Prepare statements of cash flows for Year 1 and Year 2.Complete this question by entering your answers in the tabs below.Reg B1 IncStmtReg B2 BalSheetReq B3 StmtCashReq ARecord the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investingcash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations. Round the final anseFlow" column may require an input - leave cells blank if there is no corresponding input needed.) Req B1 IncStmtReq B2 BalSheetReq B3 StmtCashReg ARecord the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), a financing activity (FA) and net change incash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations. Round the final answers to nearest dollar armount. Not all cells in the "CashFlow" column may require an Input - leave cells blank if there is no corresponding input needed.)Show less AGOLDEN MANUFACTURING COMPANYHorizontal Statements ModelBalance SheetIncome StatementEquityStatement of CashAssetsFlowsEventAccumulatedRetainedRevenueExpense=Net IncomeCommonCash+ Equipment+DepreciationStockEarningsYear 1Issue stock+Purchase equipment+Revenue+Depreciation expense+BalanceYear 2+Beg. bal.RevenueDepreciation expenseEnd, bal.Reg B1 Inc Stmt>

Financial statement are very essential set of documents which are used by stakeholders like…

Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $120,000 cash, had an expected useful life of six years, and had an estimated salvage value of $4,000. Golden Manufacturing earned $72,000 and $83,000 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Required a. Record the purchase in a horizontal statements model. b-1. Prepare income statements for Year 1 and Year 2. b-2. Prepare balance sheets for Year 1 and Year 2. b-3. Prepare statements of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Reg B1 Inc Stmt Req B2 Bal Sheet Reg B3 Stmt Cash Reg A Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an i cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations. Round the f Flow" column may require an input - leave cells blank if there is no corresponding input needed.)

Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $120,000 cash, had an expected useful life of six years, and had an estimated salvage value of $4,000. Golden Manufacturing earned $72,000 and $83,000 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Required a. Record the purchase in a horizontal statements model. b-1. Prepare income statements for Year 1 and Year 2. b-2. Prepare balance sheets for Year 1 and Year 2. b-3. Prepare statements of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Reg B1 Inc Stmt Req B2 Bal Sheet Reg B3 Stmt Cash Reg A Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an i cash (NC). Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations. Round the f Flow" column may require an input - leave cells blank if there is no corresponding input needed.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 39E: Reporting Net Cash Flow from Operating Activities The following information is available for...

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