Typewritten answers only, please. No handwrittenanswers.Thank you.Golden Manufacturing Company started operations by acquiring...Typewritten answers...

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Accounting

Typewritten answers only, please. No handwrittenanswers.
Thank you.
Golden Manufacturing Company started operations by acquiring$111,000 cash from the issue of common stock. On January 1, 2018,the company purchased equipment that cost $101,000 cash, had anexpected useful life of five years, and had an estimated salvagevalue of $10,100. Golden Manufacturing earned $99,310 and $69,480of cash revenue during 2018 and 2019, respectively. GoldenManufacturing uses double-declining-balance depreciation.
Prepare an income statements for 2018 and 2019. Use a verticalstatements format. (Do not round intermediate calculations. Roundthe final answers to nearest dollar amount.)
GOLDENMANUFACTURING COMPANY
IncomeStatements
For the YearEnded December 31
2018 2019

b-2. Prepare a balance sheets for 2018 and 2019. Use a verticalstatements format. (Do not round intermediate calculations. Roundthe final answers to nearest dollar amount.)
GOLDENMANUFACTURING COMPANY
BalanceSheets
As ofDecember 31
2018 2019
Assets
Total Assets $0 $0
Stockholders’ equity
Total stockholders’equity $0 $0
b-3. Prepare a statements of cash flows for 2018 and 2019. Use avertical statements format. (Amounts to be deducted should beindicated with minus sign. Do not round intermediate calculations.Round the final answers to nearest dollar amount.)
GOLDENMANUFACTURING COMPANY
Statementsof Cash Flows
For the YearEnded December 31
2018 2019
Cash flows from operatingactivities
Cash flows from investingactivities
Cash flows from financingactivities
Net change in cash
Ending cash balance $0 $0
Typewritten answers only, please. No handwrittenanswers.
Thank you.

Answer & Explanation Solved by verified expert

4.5 Ratings (748 Votes)

Year Book value of the asset at the start of the year Rate of declining Blance Depreciation expense Accumuluted depreciation Book Value of asset at the end of the year 2018 101000 40 40400 40400 60600 2019 60600 40 24240 64640 36360 2020 36360 40 14544 79184 21816 See Answer

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In: AccountingTypewritten answers only, please. No handwrittenanswers.Thank you.Golden Manufacturing Company started operations by acquiring...Typewritten answers only, please. No handwrittenanswers.Thank you.Golden Manufacturing Company started operations by acquiring$111,000 cash from the issue of common stock. On January 1, 2018,the company purchased equipment that cost $101,000 cash, had anexpected useful life of five years, and had an estimated salvagevalue of $10,100. Golden Manufacturing earned $99,310 and $69,480of cash revenue during 2018 and 2019, respectively. GoldenManufacturing uses double-declining-balance depreciation.Prepare an income statements for 2018 and 2019. Use a verticalstatements format. (Do not round intermediate calculations. Roundthe final answers to nearest dollar amount.)GOLDENMANUFACTURING COMPANYIncomeStatementsFor the YearEnded December 3120182019 b-2. Prepare a balance sheets for 2018 and 2019. Use a verticalstatements format. (Do not round intermediate calculations. Roundthe final answers to nearest dollar amount.)GOLDENMANUFACTURING COMPANYBalanceSheetsAs ofDecember 3120182019AssetsTotal Assets$0$0Stockholders’ equityTotal stockholders’equity$0$0b-3. Prepare a statements of cash flows for 2018 and 2019. Use avertical statements format. (Amounts to be deducted should beindicated with minus sign. Do not round intermediate calculations.Round the final answers to nearest dollar amount.)GOLDENMANUFACTURING COMPANYStatementsof Cash FlowsFor the YearEnded December 3120182019Cash flows from operatingactivitiesCash flows from investingactivitiesCash flows from financingactivitiesNet change in cashEnding cash balance$0$0Typewritten answers only, please. No handwrittenanswers.Thank you.