SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners\' E

Question

SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities 34,385 37,837 27,766 42,632 $ 88,496 $108,235 $ 36,722 42,582 16,200 24,634 $ 83,416 $115,000 $145,000 Cash Accounts Accounts payable Notes payable Other 17,801 19,008 19,864 $ 75,594 receivable Inventory 36,310 Total Total Long-term debt Owners' equity Common stock and paid-in 55,000 $55,000 surplus Accumulated retained 307,217 344,452 earnings Net plant and equipment $464,315 $519,633 Total $362,217 $399,452 Total liabilities and owners' Total assets $552,811 $627,868 $552,811 $627,868

Explanation / Answer

Statement of Cash Flows - Indirect Method Amount in $ Amount in $ Net income $             62,235 Cash flows from operating activities Adjustments for: Depreciation $             44,463 (Increase) / Decrease in Account receivables $              -9,965 Inventory Decrease / (Increase) $              -6,322 Others $                4,770 Accounts payable Increase / ( Decrese) $                5,860 $             38,806 Net cash from operating activities $          1,01,041 Cash flows from investing activities Purchase of Plant & Equipment $            -99,781 ($ 519,633 - $ 464,315 + $44,463) Net cash used in investing activities $            -99,781 Cash flows from Financing activities Retirement of Notes Payable $              -2,808 Dividend Paid $            -25,000 Issue of Long Term Debt $             30,000 Net cash used in financing activities $                2,192 Net increase in cash and cash equivalents $                3,452 Add :Cash and cash equivalents at beginning of period $             34,385 Cash and cash equivalents at end of period $             37,837

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