SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets

Assets

Liabilities and Owners’ Equity

2017

2018

2017

2018

  Current assets

  Current liabilities

      Cash

$

34,485

$

37,928

      Accounts payable

$

36,712

$

42,632

      Accounts receivable

17,851

27,856

      Notes payable

19,108

16,275

      Inventory

3,640

42,672

      Other

19,954

24,714

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        Total

$

55,976

$

108,456

        Total

$

75,774

$

83,621

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  Long-term debt

$

115,500

$

174,101

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  Owners’ equity

      Common stock and paid-in surplus

$

55,100

$

55,100

      Accumulated retained earnings

273,922

315,417

  Fixed assets

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  Net plant and equipment

$

464,320

$

519,783

  Total

$

329,022

$

370,517

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  Total assets

$

520,296

$

628,239

  Total liabilities and owners’ equity

$

520,296

$

628,239

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SMOLIRA GOLF CORP. 2018 Income Statement
Sales					$	506,954
Cost of goods sold						359,678
Depreciation						44,588
Earnings before interest and taxes					$	102,688
Interest paid						19,783
Taxable income					$	82,905
Taxes (21%)						17,410
Net income					$	65,495
Dividends	$	24,000
Retained earnings		41,495
Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.)

Transcribed Image Text:

SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year $ 34,485 Operating activities Net income Add: Depreciation 65,495 44,588 $ Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year $ 34,485 Operating activities Net income Add: Depreciation 65,495 44,588 $ Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year