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Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 39,400 Accounts payable $ 39,752 29,296 Notes payable 20,708 43,312 Other 21,394 $ 36,085 18,651 4,120 20 $ 43,432 17,475 25,994 Total $ 58,856 $ 112,008 Total $ 81,854 $ 86,901 Long-term debt $ 123,500 $ 187,898 $ 56,700 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 56,700 262,962 302,692 Fixed assets Net plant and equipment $ 466,160 $522,183 Total $ 319,662 $359,392 Total assets $525,016 $ 634,191 Total liabilities and owners' equity $ 525,016 $ 634,191 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 514,954 365,278 46,588 Earnings before interest and taxes Interest paid $ 103,088 21,383 Taxable income Taxes (22%) $ 81,705 17,975 Net income $ 63,730 Dividends Retained earnings $24,000 39,730 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 Operating activities 36,085 Net cash from operating activities Investment activities Net cash from investment activities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year
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