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Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 37,928 Accounts payable $ 36,712 27,856 Notes payable 19,108 42,672 Other 19,954 $ 34,485 Current assets Cash Accounts receivable Inventory $ 42,632 17,851 16,275 3,640 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 Accumulated retained earnings $ 55,100 $ 55,100 273,922 315,417 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 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $506,954 359,678 44,588 $ 102,688 Earnings before interest and taxes Interest paid 19,783 Taxable income Taxes (21%) $ 82,905 17,410 Net income $ 65,495 Dividends Retained earnings $24,000 41,495 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 Net cash from financing activities Cash, end of year
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