3-28 Statement of Cash Flows (LO1] Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total 2020 SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $ 35,185 $ 38,572 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 18,201 28,486 3,850 42,952 Other $57,236 $110,010 Total Long-term debt Owners' equity 2020 2021 $ 38,042 $ 42,982 19,808 16,800 20,584 25.274 $ 78,434 $85,056 $ 119,000 $ 184,427 Fixed assets Common stock and paid-in surplus $55,800 $55,800 Accumulated retained earnings Net plant and equipment $465,125 $520,833 Total 269,127 305,560 $ $324,927 361,360 $ Total assets $ 522,361 $ 630,843 Total liabilities and owners' equity $ 522,361 630,843 09 oints eBook Print O References Sales SMOLIRA GOLF CORPORATION 2021 Income Statement Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (23%) Net income Dividends $510,454 362,128 45,463 $ 102,863 20,483 $ 82,380 18,947 $ 63,433 $27,000 36,433 Retained earnings Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities Add: Depreciation Add: Increase in accounts receivable Add: Increase in accounts payable Add: Increase in other current liabilities Less: Increase in accounts receivable Less: Increase in inventory Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year $ 35,185