Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $ 35,385 $ 38,756 Accounts payable $ 38,422 $ 43,082
Accounts receivable 18,301 28,666 Notes payable 20,008 16,950
Inventory 3,910 43,032 Other 20,764 25,434
Total $ 57,596 $ 110,454 Total $ 79,194 $ 85,466
Long-term debt $ 120,000 $ 185,692
Owners equity
Common stock and paid-in surplus $ 56,000 $ 56,000
Accumulated retained earnings 267,757 304,430
Fixed assets
Net plant and equipment $ 465,355 $ 521,133 Total $ 323,757 $ 360,430
Total assets $ 522,951 $ 631,587 Total liabilities and owners equity $ 522,951 $ 631,587

SMOLIRA GOLF CORP. 2018 Income Statement
Sales $ 511,454
Cost of goods sold 362,828
Depreciation 45,713
Earnings before interest and taxes $ 102,913
Interest paid 20,683
Taxable income $ 82,230
Taxes (25%) 20,558
Net income $ 61,673
Dividends $ 25,000
Retained earnings 36,673

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Economics Of Money Banking And Financial Markets

Authors: Frederic Mishkin

13th Global Edition

1292409487, 978-1292409481

More Books

Students also viewed these Finance questions

Question

Explain how psychologists study health and wellness.

Answered: 1 week ago

Question

Evaluate the importance of diversity in the workforce.

Answered: 1 week ago

Question

Identify the legal standards of the recruitment process.

Answered: 1 week ago