Required information Golden Corp. a merchandiser, recently completed its 2017 operations. For the year, it all sales are credit sales, (2) 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 $ 164.000 33,000 601,000 14.000 335.000 (158,000) 51.025.000 $107.00 71.000 526.000 104. Op 299,000 (104.000) $800.000 $ Accounts receivable Inventory Total current assets Equipment Accum. depreciation Equipment Total assets 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 87.000 28.000 HIS 71.ece 25.000 06.000 592,000 106,000 122,000 11,025,000 568, cee 160.000 75,000 800,000 GOLDEN CORPORATION Incode Statenent For Year Ended December 31, 2017 les 31,70 2,000 cost of poods sold 1.686.000 Bross profit 766,00 Operating expenses Depreciation expense $ 54,000 Other expenses 494,000 548.000 Ince before takes 10.000 Chapter 16 0 Total liabilities and equity $1,025,000 $ 899,000 Part 1 of 2 6.5 points GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 $1,792.000 Cost of goods sold 1,086,000 Gross profit 786,000 Operating expenses Depreciation expense $ 54,000 Other expenses 494, 000 548,000 Income before taxes 150,000 Income taxes expense 22.000 Net income 136,000 Shipped eBook : Additional Information on Year 2017 Transactions a. Purchased equipment for $36,000 cash. b. Issued 12,000 shares of common stock for $5 cash per share c. Declared and paid $89.000 in cash dividends. References 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 witter Facebook t herapist i n therapist 2 Chapter 16 Required informat 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.) Part 102 6.5 GOLDEN CORPORATION Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Skipped Adjustments to reconcie net income to me cash provided by operations Cash flows from investing activities mancing activ Caw balance begring Cash balance at end of you