Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance...

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Some recent financial statements for Smolira Golf Corp. follow.SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilitiesand Owners’ Equity 2017 2018 2017 2018 Current assets Currentliabilities Cash $ 34,885 $ 38,296 Accounts payable $ 37,472 $42,832 Accounts receivable 18,051 28,216 Notes payable 19,50816,575 Inventory 3,760 42,832 Other 20,314 25,034 Total $ 56,696 $109,344 Total $ 77,294 $ 84,441 Long-term debt $ 117,500 $ 180,650Owners’ equity Common stock and paid-in surplus $ 55,500 $ 55,500Accumulated retained earnings 271,182 309,136 Fixed assets Netplant and equipment $ 464,780 $ 520,383 Total $ 326,682 $ 364,636Total assets $ 521,476 $ 629,727 Total liabilities and owners’equity $ 521,476 $ 629,727 SMOLIRA GOLF CORP. 2018 Income StatementSales $ 508,954 Cost of goods sold 361,078 Depreciation 45,088Earnings before interest and taxes $ 102,788 Interest paid 20,183Taxable income $ 82,605 Taxes (25%) 20,651 Net income $ 61,954Dividends $ 24,000 Retained earnings 37,954 Prepare the 2018statement of cash flows for Smolira Golf Corp. (Negative answersshould be indicated by a minus sign.) Loading...

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Some recent financial statements for Smolira Golf Corp. follow.SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilitiesand Owners’ Equity 2017 2018 2017 2018 Current assets Currentliabilities Cash $ 34,885 $ 38,296 Accounts payable $ 37,472 $42,832 Accounts receivable 18,051 28,216 Notes payable 19,50816,575 Inventory 3,760 42,832 Other 20,314 25,034 Total $ 56,696 $109,344 Total $ 77,294 $ 84,441 Long-term debt $ 117,500 $ 180,650Owners’ equity Common stock and paid-in surplus $ 55,500 $ 55,500Accumulated retained earnings 271,182 309,136 Fixed assets Netplant and equipment $ 464,780 $ 520,383 Total $ 326,682 $ 364,636Total assets $ 521,476 $ 629,727 Total liabilities and owners’equity $ 521,476 $ 629,727 SMOLIRA GOLF CORP. 2018 Income StatementSales $ 508,954 Cost of goods sold 361,078 Depreciation 45,088Earnings before interest and taxes $ 102,788 Interest paid 20,183Taxable income $ 82,605 Taxes (25%) 20,651 Net income $ 61,954Dividends $ 24,000 Retained earnings 37,954 Prepare the 2018statement of cash flows for Smolira Golf Corp. (Negative answersshould be indicated by a minus sign.) Loading...