Assets 2017 2018 SMOLIRA GOLF CORP. 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 Current assets Cash Accounts receivable Inventory $ 43,332 $ 35,885 18,551 4,0601 17,325 25.834 Total $ 58,496 $ 111,564 Total $ 81,094 $ 86,491 Long-term debt $ 122,500 $ 190,733 $ 56,500 Owners' equity Common stock and paid in surplus Accumulated retained earnings $ 56,500 264,332 299,723 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 Total assets $524,426 $633,447 TULI TOURS anu UWIE equity $524,426 $ 633,447 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid $ 513,954 364,578 46,338 $ 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 Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) 35,885 SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net income Add: Depreciation Add: Increase in accounts payable Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in other current liabilities Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable 14 J. PUPU 4 | Add: Increase in accounts payable Ints Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in other current liabilities Net cash from operating activities Investment activities Fixed asset acquisition eBook Print eferences Net cash from investment activities Financing activities Decrease in notes payable Increase in long-term debt Dividends paid Net cash from financing activities Net increase in cash Cash, end of year