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Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,940 Accounts payable $ 38,802
Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,940 Accounts payable $ 38,802 28,846 Notes payable 20,208 43,112 Other 20,944 Current assets Cash Accounts receivable Inventory $ $ 35,585 18,401 3,970 43,182 17,100 25,594 Total $ 57,956 $ 110,898 Total $ 79,954 $ 85,876 Long-term debt $ 121,000 $ 186,846 $ 56,200 $ 56,200 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 266,387 303,409 Fixed assets Net plant and equipment $465,585 $521,433 Total $322,587 $359,609 Total assets $ 523,541 $632,331 Total liabilities and owners' equity $ 523,541 $ 632,331 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 512,454 363,528 45,963 Earnings before interest and taxes Interest paid $ 102,963 20,883 Taxable income Taxes (22%) $ 82,080 18,058 Net income $ 64,022 Dividends Retained earnings $27,000 37,022 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) X Answer is not complete. 62,235 X SMOLIRA GOLF CORP. Statement of Cash Flows 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 other current liabilities Less: Increase in accounts payable 62,235 x 44,463 X (9,965) X (6,322) X 4,770 5,860 X Net cash from operating activities 101,041 X Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year
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