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SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 34,485 $

SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets
Assets Liabilities and Owners Equity
2017 2018 2017 2018
Current assets Current liabilities
Cash $ 34,485 $ 37,928 Accounts payable $ 36,712 $ 42,632
Accounts receivable 17,851 27,856 Notes payable 19,108 16,275
Inventory 3,640 42,672 Other 19,954 24,714








Total $ 55,976 $ 108,456 Total $ 75,774 $ 83,621








Long-term debt $ 115,500 $ 174,101




Owners equity
Common stock and paid-in surplus $ 55,100 $ 55,100
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 $ 506,954
Cost of goods sold 359,678
Depreciation 44,588


Earnings before interest and taxes $ 102,688
Interest paid 19,783


Taxable income $ 82,905
Taxes (21%) 17,410


Net income $ 65,495




Dividends $ 24,000
Retained earnings 41,495

Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.)

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SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 34,485 Cash, beginning of the year Operating activities Net income Add: Depreciation 65,495 44,588 Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year

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