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 or in ventory 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. Problem 12-6A Indirecti Statement of cash flows P1 P2 P3 GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets $164.000 83,000 601.000 B48.000 335,000 (158.000 $1,025,000 5107.000 71.000 576.000 704.000 299.000 1104.000 $899.000 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Cash Accounts receivable Inventory Total current assets Equipment Accum cepreciation Equip Totales Liabilities and Equity Accounts payable Income tres payable Total current abilities Equity Coron stock, 52 par le Padin capital in excess of per common stock Retained earnings Totalcites and $ +792.000 87.000 28.000 115.000 $ 71.000 25.000 96.000 706.000 Cost of goods sold Gross profit Operating Depreciation dense Other expenses 592.000 5 $ 54.000 494.000 195 00 122.000 $1625.000 Income sepse 548.000 158.000 22.000 $136000 NO
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.
Required Prepare a complete statement of cash flows report its cash inflows and cash outflows from operating ac- tivities according to the indirect method.