SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets

Assets

Liabilities and Owners’ Equity

2017

2018

2017

2018

  Current assets

  Current liabilities

      Cash

$

34,485

$

37,928

      Accounts payable

$

36,712

$

42,632

      Accounts receivable

17,851

27,856

      Notes payable

19,108

16,275

      Inventory

3,640

42,672

      Other

19,954

24,714

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        Total

$

55,976

$

108,456

        Total

$

75,774

$

83,621

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  Long-term debt

$

115,500

$

174,101

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  Owners’ equity

      Common stock and paid-in surplus

$

55,100

$

55,100

      Accumulated retained earnings

273,922

315,417

  Fixed assets

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  Net plant and equipment

$

464,320

$

519,783

  Total

$

329,022

$

370,517

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  Total assets

$

520,296

$

628,239

  Total liabilities and owners’ equity

$

520,296

$

628,239

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SMOLIRA GOLF CORP. 2018 Income Statement
Sales					$	506,954
Cost of goods sold						359,678
Depreciation						44,588
Earnings before interest and taxes					$	102,688
Interest paid						19,783
Taxable income					$	82,905
Taxes (21%)						17,410
Net income					$	65,495
Dividends	$	24,000
Retained earnings		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 $ 34,485 Operating activities Net income Add: Depreciation 65,495 44,588 $ Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year