8.) Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year:

• Purchased a long-term investment for cash, $19,000.
• Paid cash dividend, $10,400.
• Sold equipment for $6,800 cash (cost, $22,600; accumulated depreciation, $15,800).
• Issued shares of no-par stock, 580 shares at $10 cash per share.
• Net income was $21,000.
• Depreciation expense was $3,800.

Its comparative balance sheet is presented below:

	Ending Balances				Beginning Balances
Cash	$	25,800			$	26,500
Accounts receivable		22,800				22,800
Inventory		74,200				68,800
Investments		19,000				0
Equipment		92,700				115,300
Accumulated DepreciationEquipment		(20,800	)			(32,800	)
Total	$	213,700			$	200,600
Accounts payable	$	14,800			$	18,600
Salaries and wages payable		1,900				3,300
Income taxes payable		5,300				3,400
Notes payable (long-term)		58,000				58,000
Common stock		105,800				100,000
Retained earnings		27,900				17,300
Total	$	213,700			$	200,600

Required:

1. Complete the T-account worksheet to be used to prepare the statement of cash flows for the current year (First is the cash worksheet, then the others).

2. Based on the T-account worksheet, prepare the statement of cash flows for the current year in proper format (Not all of the Cash Flows from Financing Activities cells fit in the screenshot, but there are 7 cells).

Cash Operating Net Cash Flow Provided by Operating Activities Net Cash Flow Used by Operating Activities Investing Net Cash Flow Provided by Investing Activities Net Cash Flow Used by Investing Activities Financing Net Cash Flow Provided by Financing Activities Net Increase in Cash and Cash Equivalents Beg. bal End. bal Net Cash Flow Used by Financing Activities Net Decrease in Cash and Cash Equivalents Accounts Receivable Inventory 68,800 22,800 Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Salaries and Wages Payable 3,300 Beg. Bal 18,600 Beg. Bal End. Bal End. Bal Equipment 115,300 Income Taxes Pavable Beg. Bal 3,400 Beg. Bal End. Bal End. Bal Investments Accumulated Depreciation-Equipment Beg. Bal 32,800 Beg. Bal End. Bal End. Bal Common Stock Notes Payable (long-term) 58,000 Beg. Bal 100,000 Beg. Bal End. Bal End. Bal Retained Earnings Beg. Bal 17,300 End. Bal GOLF UNIVERSE Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities Cash Operating Net Cash Flow Provided by Operating Activities Net Cash Flow Used by Operating Activities Investing Net Cash Flow Provided by Investing Activities Net Cash Flow Used by Investing Activities Financing Net Cash Flow Provided by Financing Activities Net Increase in Cash and Cash Equivalents Beg. bal End. bal Net Cash Flow Used by Financing Activities Net Decrease in Cash and Cash Equivalents Accounts Receivable Inventory 68,800 22,800 Beg. Bal Beg. Bal End. Bal End. Bal Accounts Payable Salaries and Wages Payable 3,300 Beg. Bal 18,600 Beg. Bal End. Bal End. Bal Equipment 115,300 Income Taxes Pavable Beg. Bal 3,400 Beg. Bal End. Bal End. Bal Investments Accumulated Depreciation-Equipment Beg. Bal 32,800 Beg. Bal End. Bal End. Bal Common Stock Notes Payable (long-term) 58,000 Beg. Bal 100,000 Beg. Bal End. Bal End. Bal Retained Earnings Beg. Bal 17,300 End. Bal GOLF UNIVERSE Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities