SMOLIRA GOLF CORP.2017 and 2018 Balance Sheets Assets

SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets
Assets Liabilities and Owners’ Equity
2017 2018 2017 2018
  Current assets   Current liabilities
      Cash $ 34,485 $ 37,928       Accounts payable $ 36,712 $ 42,632
      Accounts receivable 17,851 27,856       Notes payable 19,108 16,275
      Inventory 3,640 42,672       Other 19,954 24,714








        Total $ 55,976 $ 108,456         Total $ 75,774 $ 83,621








  Long-term debt $ 115,500 $ 174,101




  Owners’ equity
      Common stock and paid-in surplus $ 55,100 $ 55,100
      Accumulated retained earnings 273,922 315,417
  Fixed assets



  Net plant and equipment $ 464,320 $ 519,783   Total $ 329,022 $ 370,517








  Total assets $ 520,296 $ 628,239   Total liabilities and owners’ equity $ 520,296 $ 628,239

















SMOLIRA GOLF CORP.
2018 Income Statement
  Sales $ 506,954
  Cost of goods sold 359,678
  Depreciation 44,588


  Earnings before interest and taxes $ 102,688
  Interest paid 19,783


  Taxable income $ 82,905
  Taxes (21%) 17,410


  Net income $ 65,495




      Dividends $ 24,000
      Retained earnings 41,495

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

 

 

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