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Some recent financial statements for Smolira Golf Corp. follow, Assets 2017 2018 Current assets Cash Accounts receivable Inventory $ 35,985 18,601 4,090 $ 43,382 17,400
Some recent financial statements for Smolira Golf Corp. follow, Assets 2017 2018 Current assets Cash Accounts receivable Inventory $ 35,985 18,601 4,090 $ 43,382 17,400 25,914 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 39,308 Accounts payable $ 39,562 29,206 Notes payable 20,608 43,272 Other 21,304 $ 111,786 Total $ 81,474 Long-term debt $123,000 Owners' equity Common stock and paid-in $ 56,600 surplus Accumulated retained 263,647 earnings $ 86,696 Total $ 58,676 $189,270 $ 56,600 301,253 Fixed assets Net plant and equipment $357,853 $522,033 Total $320,247 $466,045 $633,819 $ 524,721 Total assets $ 524,721 $ 633,819 Total liabilities and owners' equity SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 514,454 364,928 46,463 Earnings before interest and taxes Interest paid $ 103,063 21,283 Taxable income Taxes (21%) $ 81,780 17,174 Net income $ 64,606 Dividends Retained earnings $27,000 37,606 X Answer is not complete. SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 $ 35,985 $ 64,606 46,463 Cash, beginning of the year Operating activities Net income Add: Depreciation Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities (10,605) (39,182) 3,820 Net cash from operating activities Investment activities Net cash from investment activities Financing activities Increase in long-term debt Dividends paid $ $ >> 66,270 (27,000) Net cash from financing activities Cash, end of year
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