Problem 3-28 Statement of Cash Flows (LO1) Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,204 Accounts payable $ 37,282 28,126 Notes payable 19,408 42,792 Other 20,224 $ 34,785 18,001 3,730 $ 42,782 16,500 24,954 Total $ 56,516 $ 109,122 Total $ 76,914 $ 84,236 Long-term debt $ 117,000 $ 182,015 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,400 $ 55,400 271,867 307,704 Fixed assets Net plant and equipment $464,665 $520,233 Total $327,267 $363.104 Total assets $ 521,181 $629,355 Total liabilities and owners equity $ 521,181 $629,355 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $508,454 360,728 44,963 Earnings before interest and taxes Interest paid $ 102,763 20,083 Taxable income Taxes (24%) $ 82,680 19,843 Net income $ 62,837 Dividends Retained earnings $27,000 35,837 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) Check my work mode: This shows what is correct or incorrect to SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net income Add: Depreciation Less: Increase in inventory Less: Increase in accounts receivable Add: Increase in other current liabilities Add: Increase in accounts payable Less: Increase in other current liabilities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Increase in long-term debt Decrease in notes payable Dividends paid Increase in notes payable Net cash from financing activities Net increase in cash Cash, end of year 30