2018 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 Current assets Current liabilities Cash $ 24,046 $ 24,255 Accounts payable $ 23, 184 Accounts receivable 12,448 15,235 Notes payable 12,880 Inventory 25,392 27,155 Other 11,571 Total $ 61,886 $ 66,645 Total $ 46,755 Long-term debt $ 80,000 Fixed assets Owners equity Net plant and equipment $324,695 $365,234 Conmon stock and paid-in surplus $ 40,000 Retained earnings 219,826 Total $259,826 Total assets $386,581 $432,379 Total liabilities and owners! equity $386,581 $ 27,420 10,800 15,553 $ 53, 773 $ 95,000 $ 40,000 243, 606 $283, 606 $432,379 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales $366,996 Cost of goods sold 253, 122 Depreciation 32,220 Earnings before interest and taxes $ 81,654 Interest paid 14,380 Taxable income $ 67,354 Taxes (35) 23,574 Net income $ 43,780 Dividends $20,000 Additions to retained earnings 23,780 $ 24,046 Statement of Cash Flows for 2018 Cash, beginning of the year Operating activities Net income $ Add: Depreciation $ Add: Increase in accounts payable Add: Increase in other current liabilities 43,780 (2.787) X 4,236 3,982 $ 47,448 X $ (41,039) (73,259) $ Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Increase in long-term debt Dividends paid $ (1,200) 15,000 (20,000) $ (6,200) Net cash from financing activities Net increase in cash S 209 Cash end of vear IS 24 255