2020 2021 Assets Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 34,785 $ 38,204 Accounts payable 18,001 28,126 Notes payable 3,730 42,792 Other $ 37,282 $ 42,782 19,408 16,500 20,224 24,954 Total $ 56,516 $ 109,122 Total $ 76,914 $ 84,236 Long-term debt $ 117,000 $ 182,015 Owners' equity Common stock and paid-in surplus $ 55,400 $ 55,400 Accumulated retained earnings 271,867 307,704 Fixed assets Net plant and equipment $ 464,665 $ 520,233 Total $ 327,267 $ 363,104 Total assets $ 521,181 $ 629,355 Total liabilities and owners' equity $ 521,181 $ 629,355 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales $ 508,454 360,728 44,963 Cost of goods sold Depreciation $ 102,763 Earnings before interest and taxes Interest paid 20,083 Taxable income Taxes (24%) $ 82,680 19,843 Net income $ 62,837 Dividends Retained earnings $ 27,000 35,837 34,785 SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities Net income Add: Depreciation Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities $ 62,837 44,963 -10,125 -39,062 5,500 4,730 Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Increase in long-term debt Dividends paid Net cash from financing activities Net increase in cash Cash, end of year