Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare the 2015 statement of cash flows for Smolira Golf Corp. SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014
Prepare the 2015 statement of cash flows for Smolira Golf Corp.
SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current liabilities $ 26,450 $ 29,106 Accounts payable $ 30,602 $ 35,485 Current assets Cash Accounts receivable Inventory Total 13,693 18,282 27,931 32,586 $ 68,074 $ 79,974 15,840 13,500 15,280 20,441 $ 61,722 $ 69,426 $ 95,000 $110,000 Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 45,000 $ 45,000 223,517 253,893 Fixed assets Net plant and equipment 357,165 398,345 $268,517 $298,893 Total assets $425,239 $478,319 $425,239 $478,319 SMOLIRA GOLF CORP. 2015 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net income Dividends $20,000 Retained earnings 30,376 $422,045 291,090 37,053 $ 93,902 16,400 $ 77,502 27,126 $ 50,376Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started