Question
Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners Equity 2020
Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners Equity 2020 2021 Current assets Current liabilities Cash $ 32,653 $ 39,350 Accounts payable $ 34,886 $ 44,285 Accounts receivable 16,911 28,877 Notes payable 18,058 16,848 Inventory 34,495 44,336 Other 18,871 25,619 Total $ 84,059 $ 112,563 Total $ 71,815 $ 86,752 Long-term debt $ 110,000 $ 140,000 Owners equity Common stock and paid-in surplus $ 55,000 $ 55,000 Fixed assets Accumulated retained earnings 288,343 333,683 Net plant and equipment $ 441,099 $ 502,872 Total $ 343,343 $ 388,683 Total assets $ 525,158 $ 615,435 Total liabilities and owners equity $ 525,158 $ 615,435 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales $ 531,750 Cost of goods sold 377,294 Depreciation 46,686 Earnings before interest and taxes $ 107,770 Interest paid 20,650 Taxable income $ 87,120 Taxes (25%) 21,780 Net income $ 65,340 Dividends $ 20,000 Retained earnings 45,340 Prepare the 2021 statement of cash flows for Smolira Golf Corporation. (Negative answers should be indicated by a minus sign.)
Some recent financial statements for Smolira Golf Corporation follow. Prepare the 2021 statement of cash flows for Smolira Golf Corporation. (Negative answers should be indicated by a minus sign.)Step by Step Solution
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