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Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF 2011 and 2012 Balance...

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Accounting

Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF 2011 and 2012 Balance Sheets Assets Liabilities and Owners Equity 2011 2012 2011 2012 Current assets Current liabilities Cash $ 24,076 $ 24,400 Accounts payable $ 23,484 $ 27,400 Accounts receivable 12,748 15,500 Notes payable 13,000 11,100 Inventory 25,742 27,400 Other 11,871 17,500 Total $ 62,566 $ 67,300 Total $ 48,355 $ 56,000 Long-term debt $ 72,000 $ 84,000 Owners equity Common stock and paid-in surplus $ 45,000 $ 45,000 Accumulated retained earnings 224,906 245,000 Fixed assets Net plant and equipment $ 327,695 $ 362,700 Total $ 269,906 $ 290,000 Total assets $ 390,261 $ 430,000 Total liabilities and owners equity $ 390,261 $ 430,000 SMOLIRA GOLF, INC. 2012 Income Statement Sales $ 378,618 Cost of goods sold 254,000 Depreciation 56,150 Earnings before interest and taxes $ 68,468 Interest paid 14,600 Taxable income $ 53,868 Taxes (20%) 10,774 Net income $ 43,094 Dividends $ 23,000 Retained earnings 20,094 Prepare the 2012 statement of cash flows for Smolira Golf Corp.

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