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Problem 3-28 Statement of Cash Flows [LO1] Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets
Problem 3-28 Statement of Cash Flows [LO1]
Some recent financial statements for Smolira Golf Corp. follow. |
SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets | ||||||||||||||||
Assets | Liabilities and Owners Equity | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Current assets | Current liabilities | |||||||||||||||
Cash | $ | 35,885 | $ | 39,216 | Accounts payable | $ | 39,372 | $ | 43,332 | |||||||
Accounts receivable | 18,551 | 29,116 | Notes payable | 20,508 | 17,325 | |||||||||||
Inventory | 4,060 | 43,232 | Other | 21,214 | 25,834 | |||||||||||
Total | $ | 58,496 | $ | 111,564 | Total | $ | 81,094 | $ | 86,491 | |||||||
Long-term debt | $ | 122,500 | $ | 190,733 | ||||||||||||
Owners equity | ||||||||||||||||
Common stock and paid-in surplus | $ | 56,500 | $ | 56,500 | ||||||||||||
Accumulated retained earnings | 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 | |||||||
SMOLIRA GOLF CORP. 2018 Income Statement | |||||||
Sales | $ | 513,954 | |||||
Cost of goods sold | 364,578 | ||||||
Depreciation | 46,338 | ||||||
Earnings before interest and taxes | $ | 103,038 | |||||
Interest paid | 21,183 | ||||||
Taxable income | $ | 81,855 | |||||
Taxes (25%) | 20,464 | ||||||
Net income | $ | 61,391 | |||||
Dividends | $ | 26,000 | |||||
Retained earnings | 35,391 | ||||||
Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) |
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