Some recent financial statements for Smolira Golf Corp.follow.

  

SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets
Assets		Liabilities and Owners’ Equity
	2017		2018			2017		2018
  Current assets									  Current liabilities
      Cash	$	35,485			$	38,848			      Accounts payable	$	38,612			$	43,132
      Accounts receivable		18,351				28,756			      Notes payable		20,108				17,025
      Inventory		3,940				43,072			      Other		20,854				25,514
        Total	$	57,776			$	110,676			        Total	$	79,574			$	85,671
									  Long-term debt	$	120,500			$	184,214
									  Owners’ equity
									      Common stock and paid-insurplus	$	56,100			$	56,100
									      Accumulated retainedearnings		267,072				305,974
  Fixed assets
  Net plant and equipment	$	465,470			$	521,283			  Total	$	323,172			$	362,074
  Total assets	$	523,246			$	631,959			  Total liabilities and owners’ equity	$	523,246			$	631,959

SMOLIRA GOLF CORP. 2018 Income Statement
  Sales					$	511,954
  Cost of goods sold						363,178
  Depreciation						45,838
  Earnings before interest and taxes					$	102,938
  Interest paid						20,783
  Taxable income					$	82,155
  Taxes (21%)						17,253
  Net income					$	64,902
      Dividends	$	26,000
      Retained earnings		38,902

Prepare the 2018 statement of cash flows for Smolira Golf Corp.(Negative answers should be indicated by a minussign.)

SMOLIRA GOLF CORP.
STATEMENT OF CASH FLOWS
FOR 2018
Cash, beginning of the year
Operating Activities
Net income	45838
Add: Depreciation
Add: Increase in accounts payable
Add: Increase in other current liabilities
Less: Increase in accounts receivable
Less: Increase in inventory
Net cash from operating activities
Investment activities
Fixed asset acquisition
Net cash from investment activities
Financing activities
Dividend paid
Decrease in notes payable
Increase in long-term debt
Net cash from financing activities
Net increase in cash
Cash, end of year