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Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current
Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current assets Current liabilities Cash $ 32,653 $ 39,350 Accounts payable Accounts receivable 16,911 28.877 Notes payable Inventory 34,495 44,336 Other 2020 2021 $ 34,886 $ 44,285 18,058 16.848 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 pald-in surplus $ 55,000 $ 55,000 Accumulated retained earnings 288,343 333,683 Fixed assets 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 Cost of goods sold Depreciation $ 531,750 377,294 46,686 Earnings before interest and taxes Interest paid $ 107,770 20,650 Taxable income Taxes (25%) $ 87,120 21,780 Net Income $ 65,340 Dividends Retained earnings $ 20,000 45,340 Prepare the 2021 statement of cash flows for Smolira Golf Corporation. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities $ 106,366 Net cash from operating activities Investment activities $ -108,459 Net cash from investment activities Financing activities Net cash from financing activities $ 8,790 Cash, end of year
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