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Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 $ 24,046 12,448 25,392 $ 61,886 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2018 $ 24,255 15,235 27,155 $ 66,645 $324,695 $386,581 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Dividends Additions to retained earnings $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Liabilities and Owners' Equity 2017 Total Long-term debt Owners' equity Common stock and paid-in surplus $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Retained earnings Total Total liabilities and owners' equity $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379

Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 $ 24,046 12,448 25,392 $ 61,886 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2018 $ 24,255 15,235 27,155 $ 66,645 $324,695 $386,581 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Dividends Additions to retained earnings $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Liabilities and Owners' Equity 2017 Total Long-term debt Owners' equity Common stock and paid-in surplus $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Retained earnings Total Total liabilities and owners' equity $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 $ 24,046 12,448 25,392 $ 61,886 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2018 $ 24,255 15,235 27,155 $ 66,645 $324,695 $386,581 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Dividends Additions to retained earnings $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Liabilities and Owners' Equity 2017 Total Long-term debt Owners' equity Common stock and paid-in surplus $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Retained earnings Total Total liabilities and owners' equity $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
Transcribed Image Text:Some recent financial statements for Earl Grey Golf Corp. follow. Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Assets Sales Cost of goods sold Depreciation 2017 $ 24,046 12,448 25,392 $ 61,886 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position 2018 $ 24,255 15,235 27,155 $ 66,645 $324,695 $386,581 Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Dividends Additions to retained earnings $365,734 $432,379 $20,000 23,780 Current liabilities Accounts payable Notes payable Other Liabilities and Owners' Equity 2017 Total Long-term debt Owners' equity Common stock and paid-in surplus $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Retained earnings Total Total liabilities and owners' equity $ 23,184 12,000 11,571 $ 46,755 $ 80,000 $ 40,000 219,826 $259,826 $386,581 2018 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 $ 40,000 243,606 $283,606 $432,379
Prepare the 2018 statement of cash flows for Earl Grey Golf Corp. (Negative answers should be indicated by a minus sign Omit $ sign in your response.) Answer is complete but not entirely correct. EARL GREY GOLF CORP. Statement of Cash Flows for 2018 Cash, beginning of the year Operating activities Net income 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 $ $ $ Financing activities Decrease in notes payable Dividends paid Increase in long-term debt Cash, end of year 24,046 Fixed asset acquisition Net cash from investment activities 43,780 32,220 4,236 3,982 (2,787) (1,763) 79,668 Net cash from financing activities Net increase in cash $ $ $ $ $ | $ (73,259) X (73,259) 1,200 X (20,000) 15,000 (6,200) 209 24,255
Transcribed Image Text:Prepare the 2018 statement of cash flows for Earl Grey Golf Corp. (Negative answers should be indicated by a minus sign Omit $ sign in your response.) Answer is complete but not entirely correct. EARL GREY GOLF CORP. Statement of Cash Flows for 2018 Cash, beginning of the year Operating activities Net income 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 $ $ $ Financing activities Decrease in notes payable Dividends paid Increase in long-term debt Cash, end of year 24,046 Fixed asset acquisition Net cash from investment activities 43,780 32,220 4,236 3,982 (2,787) (1,763) 79,668 Net cash from financing activities Net increase in cash $ $ $ $ $ | $ (73,259) X (73,259) 1,200 X (20,000) 15,000 (6,200) 209 24,255
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