Required information [The following information applies to the questions displayed below] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Fom 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Current Year $177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
Required information [The following information applies to the questions displayed below] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. Fom 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, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation Equipment Total assets Liabilities and Equity Accounts payable Income taxes payable Total current liabilities GOLDEN CORPORATION Comparative Balance Sheets December 31 Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Current Year $177,000 102,500 620,500 900,000 370,000 (164,500) $1,105,500 $ 113,000 41,000 154,000 607,600 219,400 124,500 $1,105,500 Prior Year $ 121,300 84,000 539,000 744,300 312,000 (110,500) $945,800 $ 84,000 31,600 115,600 581,000 179,500 69,700 $945,800
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section22.3: Preparing A Statement Of Cash Flows
Problem 1WT
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