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.)