Problem $3-28$ Statement $of$ Cash Flows $[LO1]$

Some recent financial statements for Smolira Golf Corporation follow.

SMOLIRA GOLF CORPORATION

$2023$ and $2024$ Balance Sheets

Assets $20232024$ Liabilities and Owners$$ Equity $20232024$

Current assets Current liabilities

Cash $ $34,985$ $ $38,388$ Accounts payable $ $37,662$ $ $42,882$

Accounts receivable $18,10128,306$ Notes payable $19,60816,650$

Inventory $3,79042,872$ Other $20,40425,114$

Total $ $56,876$ $ $109,566$ Total $ $77,674$ $ $84,646$

Long$-$term debt $ $118,000$ $ $179,157$

Owners$$ equity

Common stock and paid$-in$ surplus $ $55,600$ $ $55,600$

Accumulated retained earnings $270,497310,696$

Fixed assets

Net plant and equipment $ $464,895$ $ $520,533$ Total $ $326,097$ $ $366,296$

Total assets $ $521,771$ $ $630,099$ Total liabilities and owners$$ equity $ $521,771$ $ $630,099$

SMOLIRA GOLF CORPORATION

$2024$ Income Statement

Sales $ $509,454$

Cost $of$ goods sold $361,428$

Depreciation $45,213$

Earnings before interest and taxes $ $102,813$

Interest paid $20,283$

Taxable income $ $82,530$

Taxes $(21\%)17,331$

Net income $ $65,199$

Dividends $ $25,000$

Retained earnings $40,199$

Prepare the $2024$ statement $of$ cash flows for Smolira Golf Corp.

Note: Negative answers should $be$ indicated $by$ a minus sign.