Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory...
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Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Taxable income. Taxes (25%) Net income SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 2020 $ 35,885 $39,216 18,551 29,116 4,060 43,232 $58,496 $111,564 SMOLIRA GOLF CORPORATION 2021 Income Statement Earnings before interest and taxes Interest paid Dividends Retained earnings $ 521,883 Total $ 465,930 $ 524,426 $ 633,447 Total liabilities and owners' equity $524,426 633,447 $ 26,000 35,391 $ 513,954 364,578 46,338 $ 103,038 21,183 $ 81,855 20,464 $ 61,391 2020 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) 2021 $ 39,372 $ 43,332 20,508 17,325 21,214 25,834 $ 81,094 $86,491 $ 122,500 $ 190,733 $ 56,500 $ 56,500 264,332 299,723 $ 320,832 356,223 Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Taxable income. Taxes (25%) Net income SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 2020 $ 35,885 $39,216 18,551 29,116 4,060 43,232 $58,496 $111,564 SMOLIRA GOLF CORPORATION 2021 Income Statement Earnings before interest and taxes Interest paid Dividends Retained earnings $ 521,883 Total $ 465,930 $ 524,426 $ 633,447 Total liabilities and owners' equity $524,426 633,447 $ 26,000 35,391 $ 513,954 364,578 46,338 $ 103,038 21,183 $ 81,855 20,464 $ 61,391 2020 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) 2021 $ 39,372 $ 43,332 20,508 17,325 21,214 25,834 $ 81,094 $86,491 $ 122,500 $ 190,733 $ 56,500 $ 56,500 264,332 299,723 $ 320,832 356,223
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Cash Flow Statement Using Indirect Method Cash Flow Statement Using Indirect Meth... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation
ISBN: 978-0324302950
6th edition
Authors: Clyde P. Stickney
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