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Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017

Some recent financial statements for Smolira Golf Corp. follow.

SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets
Assets Liabilities and Owners Equity
2017 2018 2017 2018
Current assets Current liabilities
Cash $ 35,785 $ 39,124 Accounts payable $ 39,182 $ 43,282
Accounts receivable 18,501 29,026 Notes payable 20,408 17,250
Inventory 4,030 43,192 Other 21,124 25,754
Total $ 58,316 $ 111,342 Total $ 80,714 $ 86,286
Long-term debt $ 122,000 $ 188,105
Owners equity
Common stock and paid-in surplus $ 56,400 $ 56,400
Accumulated retained earnings 265,017 302,284
Fixed assets
Net plant and equipment $ 465,815 $ 521,733 Total $ 321,417 $ 358,684
Total assets $ 524,131 $ 633,075 Total liabilities and owners equity $ 524,131 $ 633,075

SMOLIRA GOLF CORP. 2018 Income Statement
Sales $ 513,454
Cost of goods sold 364,228
Depreciation 46,213
Earnings before interest and taxes $ 103,013
Interest paid 21,083
Taxable income $ 81,930
Taxes (24%) 19,663
Net income $ 62,267
Dividends $ 25,000
Retained earnings 37,267

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

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