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Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory Total SMOLIRA GOLF CORP. 2017 and 2018
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory Total SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,572 Accounts payable $ 38,042 28,486 Notes payable 19,808 42,952 Other 20,584 $ 35,185 18,201 3,850 $ 42,982 16,800 25,274 $ 57,236 $ 110,010 Total $ 78,434 $ 85,056 Long-term debt $ 119,000 $ 184,427 Owners' equity Common stock and paid in surplus Accumulated retained earnings $ 55,800 $ 55,800 269,127 I 305,560 Fixed assets Net plant and equipment $465,125 $520,833 Total $324,927 $ 361,360 Total assets $522,361 $630,843 Total liabilities and owners! equity $ 522,361 $630,843 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $510,454 362,128 45,463 Earnings before interest and taxes Interest paid $102,863 20,483 Taxable income Taxes (23%) $ 82,380 18,947 Net income $ 63,433 Dividends Retained earnings $27,000 36,433 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Operating activities 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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