SMOLIRA GOLF CORPORATION Statement of Cash Flows Cash, beginning of the year Operating activities Net income Add: Depreciation For 2024 Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities 19 $ 19 38,385 61,110 46,963 -10,765 -39,222 3,260 4,570 Net cash from operating activities $ 65,916 Investment activities Fixed asset acquisition $ 56,128 Net cash from investment activities 19 $ -56,128 Financing activities Decrease in notes payable Increase in long-term debt $ 19 -3,308 70,774 Dividends paid $ (27,000) Net cash from financing activities Net increase in cash Cash, end of year 19 40,486 50,254 $ 88,639 Assets Current assets Cash Accounts receivable Inventory Total 2023 SMOLIRA GOLF CORPORATION 2023 and 2024 Balance Sheets 2024 Liabilities and Owners' Equity Current liabilities Accounts payable $ 36,385 18,801 4,210 $ 39,676 29,566 Notes payable 43,432 Other $ 59,396 $ 112,674 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 2023 $ 40,322 21,008 21,664 $ 82,994 $ 125,000 $ 57,000 260,907 2024 $ 43,582 17,700 26,234 $ 87,516 $ 195,774 $ 57,000 295,017 $ 352,017 Fixed assets Net plant and equipment $ 466,505 $ 522,633 Total $ 317,907 Total assets $ 525,901 $ 635,307 Total liabilities and owners' equity $ 525,901 $ 635,307 SMOLIRA GOLF CORPORATION 2024 Incone Statement Sales Cost of goods sold $ 516,454 366,328 Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (25%) Net income Dividends Retained earnings $ 27,000 34,110 Prepare the 2024 statement of cash flows for Smolira Golf Corp. Note: Negative answers should be indicated by a minus sign. Answer is complete but not entirely correct. SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2024 Cash, beginning of the year 38,385 Operating activities Net income $ 81,110 Add: Depreciation 46,963 Less: Increase in accounts receivable -10,785 Less: Increase in inventory -39,222 Add: Increase in accounts payable 3,260 Add: Increase in other current liabilities 4,570 Net cash from operating activities $ 65,916 Investment activities Fixed asset acquisition S 58,128 Net cash from investment activities S -56,128x Financing activities Decrease in notes payable S -3,308 Increase in long-term debt ✓ 70,774 Dividends paid S (27,000) Net cash from financing activities S 40,466 Net increase in cash 50,254 x Cash, end of year $ 86,639 46,963 $103,163 21,683 $ 81,480 20,370 $ 61,110

SMOLIRA GOLF CORPORATION Statement of Cash Flows Cash, beginning of the year Operating activities Net income Add: Depreciation For 2024 Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities 19 $ 19 38,385 61,110 46,963 -10,765 -39,222 3,260 4,570 Net cash from operating activities $ 65,916 Investment activities Fixed asset acquisition $ 56,128 Net cash from investment activities 19 $ -56,128 Financing activities Decrease in notes payable Increase in long-term debt $ 19 -3,308 70,774 Dividends paid $ (27,000) Net cash from financing activities Net increase in cash Cash, end of year 19 40,486 50,254 $ 88,639 Assets Current assets Cash Accounts receivable Inventory Total 2023 SMOLIRA GOLF CORPORATION 2023 and 2024 Balance Sheets 2024 Liabilities and Owners' Equity Current liabilities Accounts payable $ 36,385 18,801 4,210 $ 39,676 29,566 Notes payable 43,432 Other $ 59,396 $ 112,674 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 2023 $ 40,322 21,008 21,664 $ 82,994 $ 125,000 $ 57,000 260,907 2024 $ 43,582 17,700 26,234 $ 87,516 $ 195,774 $ 57,000 295,017 $ 352,017 Fixed assets Net plant and equipment $ 466,505 $ 522,633 Total $ 317,907 Total assets $ 525,901 $ 635,307 Total liabilities and owners' equity $ 525,901 $ 635,307 SMOLIRA GOLF CORPORATION 2024 Incone Statement Sales Cost of goods sold $ 516,454 366,328 Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (25%) Net income Dividends Retained earnings $ 27,000 34,110 Prepare the 2024 statement of cash flows for Smolira Golf Corp. Note: Negative answers should be indicated by a minus sign. Answer is complete but not entirely correct. SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2024 Cash, beginning of the year 38,385 Operating activities Net income $ 81,110 Add: Depreciation 46,963 Less: Increase in accounts receivable -10,785 Less: Increase in inventory -39,222 Add: Increase in accounts payable 3,260 Add: Increase in other current liabilities 4,570 Net cash from operating activities $ 65,916 Investment activities Fixed asset acquisition S 58,128 Net cash from investment activities S -56,128x Financing activities Decrease in notes payable S -3,308 Increase in long-term debt ✓ 70,774 Dividends paid S (27,000) Net cash from financing activities S 40,466 Net increase in cash 50,254 x Cash, end of year $ 86,639 46,963 $103,163 21,683 $ 81,480 20,370 $ 61,110

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

See similar textbooks