AssetsCurrent assetsCashAccounts receivableInventoryTotalTotal assetsSalesCost of goods soldDepreciationTaxable incomeTaxes (23%)Earnings before interest andtaxesInterest paidNet incomeSMOLIRA GOLF CORPORATION2021 Income StatementDividendsRetained earningsFixed assetsNet plant and equipment $465,700 $ 521,583 TotalCash, beginning of the yearOperating activities2020$35,685 $39,03228.93643,152$58,136 $111,120Net cash from operating activitiesInvestment activitiesSMOLIRA GOLF CORPORATION2020 and 2021 Balance Sheets202118,4514,000Cash, end of yearNet cash from investment activitiesFinancing activitiesNet cash from financing activitiesSMOLIRA GOLF CORPORATIONStatement of Cash FlowsFor 2021$ 523,836 $ 632,703 Total liabilities and owners' equityLiabilities and Owners' EquityCurrent liabilities$ 24,00039,144Accounts payableNotes payableOtherLong-term debtOwners' equityCommon stock and paid-in surplusAccumulated retained earningsPrepare the 2021 statement of cash flows for Smolira Golf Corp. (Negativeanswers should be indicated by a minus sign.)Total$512,954363,87846,088$ 102,98820,983$ 82,00518,861$ 63,1442021$38,992 $43,23220,30817,17521,034 25,674$80,334 $86,0812020$ 121,500$ 56,300 $ 56,300265,702 304,846$322,002$185,476$ 523,836$361,146$632,703

Assets Current assets Cash Accounts receivable Inventory Total Total assets Sales Cost of goods sold Depreciation SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 2020 $35,685 $39,032 18,451 28,936 4,000 43,152 $58,136 $111,120 SMOLIRA GOLF CORPORATION 2021 Income Statement Taxable income Taxes (23%) Net income Earnings before interest and taxes Interest paid Dividends Retained earnings Fixed assets Net plant and equipment $465,700 $ 521,583 Total Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 24,000 39,144 Long-term debt $ 523,836 $ 632,703 Total liabilities and owners' equity Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total $ 512,954 363,878 46,088 $ 102,988 20,983 $ 82,005 18,861 $ 63,144 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) 2020 $38,992 $43,232 20,308 21,034 $ 80,334 $ 121,500 2021 $ 322,002 $ 523,836 17,175 25,674 $86,081 $ 56,300 $56,300 265,702 304,846 $ 185,476 $361,146 $ 632,703

Assets Current assets Cash Accounts receivable Inventory Total Total assets Sales Cost of goods sold Depreciation SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 2020 $35,685 $39,032 18,451 28,936 4,000 43,152 $58,136 $111,120 SMOLIRA GOLF CORPORATION 2021 Income Statement Taxable income Taxes (23%) Net income Earnings before interest and taxes Interest paid Dividends Retained earnings Fixed assets Net plant and equipment $465,700 $ 521,583 Total Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 24,000 39,144 Long-term debt $ 523,836 $ 632,703 Total liabilities and owners' equity Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total $ 512,954 363,878 46,088 $ 102,988 20,983 $ 82,005 18,861 $ 63,144 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) 2020 $38,992 $43,232 20,308 21,034 $ 80,334 $ 121,500 2021 $ 322,002 $ 523,836 17,175 25,674 $86,081 $ 56,300 $56,300 265,702 304,846 $ 185,476 $361,146 $ 632,703

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 90PSB

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SalesOperating costs (excluding depreciation and amortization) EBITDADepreciation and amortization Earnings before interest and taxes Interest Earnings before taxesTaxes (40%)Net income available to common stockholders Common dividendsSEBRINGCORPORATION: BALANCESHEETSFORYEARENDINGDECEMBER31 (FIGURES ARE STATED IN MILLIONS) Assets: Cash and marketable securities Accounts receivableInventories Total current assets Gross Fixed Assets Less DepreciationNet plant and equipment Total assets 2005 2004 $3,600.0 $3,000.0 $3,060.0 $2,550.0 $540.0 $450.0 90.0 75.0 $450.0 $375.0 65.0 60.0 $385.0 $315.0 154.0 126.0 $231.0 $189.0 $15.0 $13.0 2005 2004 $ 36.00 $ 30.00 $ 340.00 $ 250.00 $ 457.00 $ 351.00 $ 833.00 $ 631.00 $ 1,065.00 $ 825.00 $ (165.00) $ (75.00) $ 900.00 $ 750.00 $ 1,733.00 $ 1,381.00 $ 324.00 $ 270.00 $ 201.00 $ 155.00 $ 216.00 $ 180.00 $ 741.00 $ 605.00 $ 450.00 $ 450.00 $ 1,191.00 $ 1,055.00 $ 150.00 $ 150.00 $ 392.00 $ 176.00 $ 542.00 $ 326.00 $ 1,733.00 $ 1,381.00…
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Account
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