Assets 2018 Current assets Cash Accounts receivable Inventory Total EARL GREY GOLF CORP. 2017 and 2018 Statement of Pinancial Position Liabilities and Owners' Equity 2017 2018 2017 Current liabilities $ 24,046 $ 24, 255 Accounts payable $ 23, 184 12,448 15,235 Notes payable 12,000 25,392 27, 155 Other 11,571 $ 61,886 $ 66,645 Total $ 46.755 Long-term debt $ 80,000 Owners' equity $324,695 $365,734 Common stock and paid-in surplus $ 40,000 Retained earnings 219,826 Total $259,826 $386,581 $432,379 Total liabilities and owners' equity $386,581 $ 27,420 10,800 15,553 $ 53, 773 $ 95,000 Fixed assets Net plant and equipment $ 40,000 243, 606 $283, 606 $432,379 Total assets EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales $366,996 Cost of goods sold 253, 122 Depreciation 32,220 Earnings before interest and taxes $ 81,654 Interest paid 14.300 Taxable income $ 67,354 Taxes (358) 23,574 Net income $ 43,780 Dividends $ 20,000 Additions to retained earnings 23,780 Statement of Cash Flows for 2018 $ 24,046 Cash, beginning of the year Operating activities Net income 43,780 32,220 $ 4,236 3,982 $ (2,787) X (1,763) 79,668 $ Add: Depreciation Add: Increase in accounts payable Add: Increase in other current liabilities Less: Increase in accounts receivable Less: Increase in-inventory Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Dividends paid Increase in long-term debt Decrease in notes payable $ $ (41,039) X 38,629 $ IS (20,000) 15,000 (1,200) Net cash from financing activities Net increase in cash $ 32,429 209 32,638 $ $ Cash, end of year