Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Golden Corp., a merchandiser, recently completed its 2013 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.

hiododf CORPORATION
Comparative Balance Sheets
December 31, 2013 and 2012
2013 2012
Assets
Cash $ 163,000 $ 135,000
Accounts receivable 83,000 73,000
Merchandise inventory 630,000 525,000
Equipment 340,000 286,000
Accum. depreciation-Equipment (157,000) (105,000)

Total assets $ 1,059,000 $ 914,000

Liabilities and Equity
Accounts payable $ 158,000 $ 128,000
Income taxes payable 28,000 25,000
Common stock, $2 par value 592,000 568,000
Paid-in capital in excess of par value, common stock 193,000 157,000
Retained earnings 88,000 36,000

Total liabilities and equity $ 1,059,000 $ 914,000


GOLDEN CORPORATION
Income Statement
For Year Ended December 31, 2013
Sales $ 1,797,000
Cost of goods sold 1,086,000

Gross profit 711,000
Operating expenses
Depreciation expense $ 52,000
Other expenses 499,000 551,000

Income before taxes 160,000
Income taxes expense 23,000

Net income $ 137,000


Additional Information on Year 2013 Transactions

a. Purchased equipment for $54,000 cash.

b. Issued 12,000 shares of common stock for $5 cash per share.

c. Declared and paid $85,000 in cash dividends.

Required:

Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946872

Have any Question? 


Related Questions in Accounting Basics

Niagular corp just reported a net income of 8500000 amp its

Niagular Corp. just reported a net income of $8,500,000 & its current stock price is $25.75 per share. Niagular Corp. is forecasting an increase of 25% for its net income next year, but it also expects it will have to is ...

Cost benefit1 a cost-benefit analysis is a process by which

Cost Benefit 1. A cost-benefit analysis is a process by which business decisions are analyzed. The benefits of a given situation or business-related action are summed, and then the costs associated with taking that actio ...

1 several years ago courtney borrowed 100000 from the

1) Several years ago, Courtney borrowed $100,000 from the Friendly Local Bank and used it to buy an apartment building. Courtney has not been able to rent any of the apartments in the building and has not made any princi ...

In this assignment you will use the internet and other

In this assignment, you will use the Internet and other sources to gather and interpret information related to service and manufacturing organizations. Select either a service or a manufacturing organization of interest ...

Assignment the apportionmentyou are a census officer in a

Assignment: The Apportionment You are a census officer in a newly democratic nation and you have been charged with using the census data from the table below to determine how 100 congressional seats should be divided amo ...

Transactions and fasb standards1 the new city college

Transactions and FASB Standards 1. The New City College reported deferred revenues of $612,000 as of July 1, 2014, the first day of its fiscal year. Record the following transactions related to student tuition and fees a ...

Assignmenthttp990sfoundationcenterorg990pdfarchive5225223451

Assignment http://990s.foundationcenter.org/990_pdf_archive/522/522345144/522345144_201412_990.pdf?_ga=1.64191599.1553211607.1477880190 ( A wider circle NFP) http://awidercircle.org/wp-content/uploads/A-Wider-Circles-201 ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

Westerville company reported the following results from

Westerville Company reported the following results from last year % 2013 operations: Sales $ 1,000,000 Variable expenses 300,000 -------------------------------------- Contribution margin 700,000 Fixed expenses 500,000 - ...

Question 1jian rarimbal and dan are considering setting up

Question 1: Jian, Rarimbal and Dan are considering setting up a company providing 2 hour hot air balloon trips for groups of 10 tourists at a time. The trips will include some food and drink for the tourists. They have d ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro