Question
Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities
Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Assets 2020 Current assets Cash $ 34,785 $38,204 Accounts receivable 18,001 28,126 Notes payable Inventory 3,730 42,792 Other Total $ 56,516 $ 109,122 Total Long-term debt Owners' equity 2020 2021 $ 37,282 $42,782 19,408 20,224 24,954 16,500 $ 76,914 $84,236 $117,000 $182,015 Fixed assets Net plant and equipment $464,665 $520,233 Common stock and paid-in surplus $55,400 $55,400 Accumulated retained earnings Total 271,867 307704 $327,267 $ 363,104 $ Total assets $ 521,181 $629,355 Total liabilities and owners' equity 521,181 629,355 SMOURA GOLE CORPORATION SMOLIRA GOLF CORPORATION 2021 Income Statement $ Sales 508,454 Cost of goods sold 360,728 Depreciation 44,963 Earnings before interest and $ 102,763 taxes Interest paid Taxable income Taxes (24%) 20,083 $82,680 19,843 Net income Dividends $ 62,837 $27,000 35,837 Retained earnings Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) Cash, beginning of the year Operating activities For 2021 Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started