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Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners
Some recent financial statements for Earl Grey Golf Corp. follow.
EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position | ||||||||||||||||
Assets | Liabilities and Owners Equity | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Current assets | Current liabilities | |||||||||||||||
Cash | $ | 24,046 | $ | 24,255 | Accounts payable | $ | 23,184 | $ | 27,420 | |||||||
Accounts receivable | 12,448 | 15,235 | Notes payable | 12,000 | 10,800 | |||||||||||
Inventory | 25,392 | 27,155 | Other | 11,571 | 15,553 | |||||||||||
Total | $ | 61,886 | $ | 66,645 | Total | $ | 46,755 | $ | 53,773 | |||||||
Long-term debt | $ | 80,000 | $ | 95,000 | ||||||||||||
Fixed assets | Owners equity | |||||||||||||||
Net plant and equipment | $ | 324,695 | $ | 365,734 | Common stock and paid-in surplus | $ | 40,000 | $ | 40,000 | |||||||
Retained earnings | 219,826 | 243,606 | ||||||||||||||
Total | $ | 259,826 | $ | 283,606 | ||||||||||||
Total assets | $ | 386,581 | $ | 432,379 | Total liabilities and owners equity | $ | 386,581 | $ | 432,379 | |||||||
EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income | |||||||
Sales | $ | 366,996 | |||||
Cost of goods sold | 253,122 | ||||||
Depreciation | 32,220 | ||||||
Earnings before interest and taxes | $ | 81,654 | |||||
Interest paid | 14,300 | ||||||
Taxable income | $ | 67,354 | |||||
Taxes (35%) | 23,574 | ||||||
Net income | $ | 43,780 | |||||
Dividends | $ | 20,000 | |||||
Additions to retained earnings | 23,780 | ||||||
Prepare the 2018 statement of cash flows for Earl Grey Golf Corp. (Negative answers should be indicated by a minus sign. Omit $ sign in your response.)
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