Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Left side options: 1. Net income or Net loss 2. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Left side options:

1. Net income or Net loss

2. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

3. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

4. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

5. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

6. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

7. Add: depreciation, Add: increase in accounts payable, Add: increase in accounts receivable, Add: increase in inventory, Add: increase in other current liabilities, Less: depreciation, Less: increase in accounts payable, Less: increase in accounts receivable, Less: increase in inventory or Less: increase in other current liabilities

8. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

9. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

10. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

11. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

12. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash 13. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

14. Decrease in inventory, decrease in long-term debt, decrease in notes payable, dividens paid, fixed asset acquisition, increase in accounts payable, increase in inventory, increase in long-term debt, increase in notes payable, net decrease in cash, net increase in cash

Right side options are all the amounts.

Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 $ 34,485 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 37,928 Accounts payable $ 36,712 27,856 Notes payable 19,108 42,672 Other 19,954 Current assets Cash Accounts receivable Inventory $ 42,632 17,851 16,275 24,714 3,640 Total $ 55,976 $ 108,456 Total $ 75,774 $ 83,621 Long-term debt $ 115,500 $ 174,101 $ 55,100 $ 55,100 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 273,922 315,417 Fixed assets Net plant and equipment $464,320 $ 519,783 Total $329,022 $ 370,517 Total assets $520,296 $628,239 Total liabilities and owners' equity $520,296 $628,239 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $506,954 359,678 44,588 $ 102,688 Earnings before interest and taxes Interest paid 19,783 Taxable income Taxes (21%) $ 82,905 17,410 Net income $ 65,495 Dividends Retained earnings $24,000 41,495 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 cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Finance Markets Investments And Financial Management

Authors: Ronald W. Melicher, Edgar A. Norton

14th Edition

0470561076, 9780470561072

More Books

Students also viewed these Finance questions