Assets 2017 2018 Current assets Cash Accounts receivable Inventory 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 39,216 Accounts payable $ 39,372 29,116 Notes payable 20,508 43,232 Other 21,214 $ 35,885 18,551 4,060 $ 43,332 17,325 25,834 Total $ 58,496 $ 111,564 Total $ 81,094 $ 86,491 Long-term debt $ 122,500 $ 190,733 $ 56,500 $ 56,500 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 264,332 299,723 Fixed assets Net plant and equipment $465,930 $ 521,883 Total $320,832 $356,223 Total assets $524,426 $633,447 Total liabilities and owners' equity $524,426 $ 633,447 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 513,954 364,578 46,338 Earnings before interest 102 00 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 513,954 364,578 46,338 Earnings before interest and taxes Interest paid $ 103,038 21,183 Taxable income Taxes (25%) $ 81,855 20,464 Net income $ 61,391 Dividends Retained earnings $26,000 35,391 Prepare the 2018 statement of cash flows for Sr answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 35. Cash, beginning of the year Prepare the 2018 statement of cash flows for Smolira Golf Corp. answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows 35,885 For 2018 Cash, beginning of the year Operating activities Net income Add: Depreciation Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities 61,391 46,338 Net cash from operating activities Investment activities Net cash from investment activities Financing activities Increase in inventory Net cash from financing activities Cash, end of year