Question

Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Assets Liabilities and Owners’ Equity 2014 2015 2014 2015 Current assets Current liabilities Cash $ 24,096 $ 24,600 Accounts payable $ 23,684 $ 27,600 Accounts receivable 12,948 15,700 Notes payable 14,000 11,300 Inventory 26,242 27,600 Other 12,071 18,100 Total $ 63,286 $ 67,900 Total $ 49,755 $ 57,000 Long-term debt $ 74,000 $ 82,000 Owners’ equity Common stock and paid-in surplus $ 48,000 $ 48,000 Accumulated retained earnings 221,226 242,000 Fixed assets Net plant and equipment $ 329,695 $ 361,100 Total $ 269,226 $ 290,000 Total assets $ 392,981 $ 429,000 Total liabilities and owners’ equity $ 392,981 $ 429,000 SMOLIRA GOLF CORP. 2015 Income Statement Sales $ 414,290 Cost of goods sold 265,500 Depreciation 57,700 Earnings before interest and taxes $ 91,090 Interest paid 14,800 Taxable income $ 76,290 Taxes (40%) 30,516 Net income $ 45,774 Dividends $ 25,000 Retained earnings 20,774 Prepare the 2015 statement of cash flows for Smolira Golf Corp. (Negative amounts should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2015 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 $

Answer 1

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