Prepare the 2018 statement of cash flows for Smolira Golf Corp. answers should be indicated by a minus sign.) (Negative SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year 2$ 34,985 Operating activities Net income 65,199 Add: Depreciation 45,213 Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Dividends paid Decrease in notes payable Increase in long-term debt Net cash from financing activities Net increase in cash Cash, end of year
Prepare the 2018 statement of cash flows for Smolira Golf Corp. answers should be indicated by a minus sign.) (Negative SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year 2$ 34,985 Operating activities Net income 65,199 Add: Depreciation 45,213 Less: Increase in accounts receivable Less: Increase in inventory Add: Increase in accounts payable Add: Increase in other current liabilities Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Dividends paid Decrease in notes payable Increase in long-term debt Net cash from financing activities Net increase in cash Cash, end of year
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 32BE
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Question
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 | $ | 34,985 | $ | 38,388 | Accounts payable | $ | 37,662 | $ | 42,882 | |||||||
|
18,101 | 28,306 | Notes payable | 19,608 | 16,650 | |||||||||||
Inventory | 3,790 | 42,872 | Other | 20,404 | 25,114 | |||||||||||
Total | $ | 56,876 | $ | 109,566 | Total | $ | 77,674 | $ | 84,646 | |||||||
Long-term debt | $ | 118,000 | $ | 179,157 | ||||||||||||
Owners’ equity | ||||||||||||||||
Common stock and paid-in surplus | $ | 55,600 | $ | 55,600 | ||||||||||||
|
270,497 | 310,696 | ||||||||||||||
Fixed assets | ||||||||||||||||
Net plant and equipment | $ | 464,895 | $ | 520,533 | Total | $ | 326,097 | $ | 366,296 | |||||||
Total assets | $ | 521,771 | $ | 630,099 | Total liabilities and owners’ equity | $ | 521,771 | $ | 630,099 | |||||||
SMOLIRA GOLF CORP. 2018 Income Statement |
|||||||
Sales | $ | 509,454 | |||||
Cost of goods sold | 361,428 | ||||||
|
45,213 | ||||||
Earnings before interest and taxes | $ | 102,813 | |||||
Interest paid | 20,283 | ||||||
Taxable income | $ | 82,530 | |||||
Taxes (21%) | 17,331 | ||||||
Net income | $ | 65,199 | |||||
Dividends | $ | 25,000 | |||||
Retained earnings | 40,199 | ||||||
Prepare the 2018 statement of |
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