Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,112 Accounts payable $ 37,092 28.036 Notes payable 19,308 42.752 Other 20,134 $ 34,685 17,951 3,700 $ 42,732 16,425 24,874 Total $ 56,336 $ 108,900 Total $ 76,534 $ 84,031 Long-term debt $ 116,500 $ 179,379 Owners' equity Common stock and paid in surplus Accumulated retained earnings $ 55,300 $ 55,300 272,552 310,273 Fixed assets Net plant and equipment $464,550 $520,083 Total $ 327.852 $365,573 Total assets $520,886 $628,983 Total liabilities and owners equity $520,886 $628,983 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $507,954 360,378 44,838 Earnings before interest and taxes Interest paid $ 102,738 19,983 Taxable income Taxes (23%) $ 82,755 19,034 Net income $ 63,721 Dividends Retained earnings $26.000 37,721 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net income $ $ 34,685 Add: Increase in accounts payable Add: Depreciation Less: Increase in inventory Less: Increase in accounts receivable Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Dividends paid Less: Increase in accounts receivable Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Dividends paid Increase in long-term debt Net cash from financing activities Net increase in cash Cash, end of year