Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 34,785 $ 38,204 Accounts payable $ 37,282 $ 42,782 Accounts receivable 18,001 28,126 Notes payable 19,408 16,500 Inventory 3,730 42,792 Other 20,224 24,954 Total $ 56,516 $ 109,122 Total $ 76,914 $ 84,236 Long-term debt $ 117,000 $ 182,015 Owners’ equity Common stock and paid-in surplus $ 55,400 $ 55,400 Accumulated retained earnings 271,867 307,704 Fixed assets Net plant and equipment $ 464,665 $ 520,233 Total $ 327,267 $ 363,104 Total assets $ 521,181 $ 629,355 Total liabilities and owners’ equity $ 521,181 $ 629,355 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales $ 508,454 Cost of goods sold 360,728 Depreciation 44,963 Earnings before interest and taxes $ 102,763 Interest paid 20,083 Taxable income $ 82,680 Taxes (24%) 19,843 Net income $ 62,837 Dividends $ 27,000 Retained earnings 35,837 Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year
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Some recent financial statements for Smolira Golf Corporation follow. |
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SMOLIRA GOLF CORPORATION |
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2020 and 2021 |
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Assets |
2020 |
2021 |
Liabilities and Owners’ Equity |
2020 |
2021 |
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Current assets |
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Current liabilities |
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Cash |
$ 34,785 |
$ 38,204 |
Accounts payable |
$ 37,282 |
$ 42,782 |
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18,001 |
28,126 |
Notes payable |
19,408 |
16,500 |
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Inventory |
3,730 |
42,792 |
Other |
20,224 |
24,954 |
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Total |
$ 56,516 |
$ 109,122 |
Total |
$ 76,914 |
$ 84,236 |
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Long-term debt |
$ 117,000 |
$ 182,015 |
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Owners’ equity |
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Common stock and paid-in surplus |
$ 55,400 |
$ 55,400 |
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271,867 |
307,704 |
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Fixed assets |
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Net plant and equipment |
$ 464,665 |
$ 520,233 |
Total |
$ 327,267 |
$ 363,104 |
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Total assets |
$ 521,181 |
$ 629,355 |
Total liabilities and owners’ equity |
$ 521,181 |
$ 629,355 |
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SMOLIRA GOLF CORPORATION |
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2021 Income Statement |
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Sales |
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$ 508,454 |
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Cost of goods sold |
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360,728 |
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44,963 |
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Earnings before interest and taxes |
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$ 102,763 |
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Interest paid |
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20,083 |
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Taxable income |
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$ 82,680 |
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Taxes (24%) |
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19,843 |
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Net income |
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$ 62,837 |
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Dividends |
$ 27,000 |
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Retained earnings |
35,837 |
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Prepare the 2021 statement of |
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