2018 Some recent financial statements for Earl Grey Golf Corp. follow. 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 12,000 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 $365,734 Common 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 Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (354) Net income Dividends $20,000 Additions to retained earnings 23, 780 $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Prepare the 2018 statement of cash flows for Earl Grey Golf Corp. (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) S Answer is complete but not entirely correct. EARL GREY GOLF CORP. Statement of Cash Flows for 2018 Cash, beginning of the year 24,046 Operating activities Net income s 43,780 Add: Depreciation 32,220 Add: Increase in accounts payable 4,236 Add: Increase in other current liabilities 3,982 Less: Increase in accounts receivable (2,787) Less: Increase in inventory (1,763) X Net cash from operating activities $ 79,668 S S $ (73,259) X (73,259) $ Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Dividends paid Increase in long-term debt $ Ooo 1,200 X (20,000) 15,000 $ (6,200) Net cash from financing activities Net increase in cash Cash, end of year $ 209 $ 24,255