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

Required information Golden 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 CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Total current assets Equipment Accum. depreciation-Equipment Total assets $ 165,00 108,100 72,000 84, 500 602,500 852,000 337,600 707,100 300,800 (158,500) (104,50) $1,031,100 902,600 Liabilities and Equity Accounts payable Income taxes payable Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity $ 89,00e $ 72,000 29,00025,6e 97,600 118,000 594,e00 569,e00 161,500 122,100741588 $1,031,100 902,600 197,000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 $1,797,080 1,087,8 Sales Cost of goods sold Gross profit Operating expenses 710,000 Depreciation expense $ 54,000 Other expenses Income before taxes Income taxes expense Net income 495,000549 900 161,000 23.400 137,600 Additional Information on Year 2017 Trensactions a. Purchased equipment for $37600 cash. b. Issued 12,100 shares of common stock for $5 cash per share c. Declared and paid $90,000 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 (Amounts to be deducted should be Indicated with a minus sign.) GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows trom investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at beginning of year Cash balance at end of year