Question

Some recent financial statements for Smolira Golf Corp. follow.    SMOLIRA GOLF 2011 and 2012 Balance...

Some recent financial statements for Smolira Golf Corp. follow.

  

SMOLIRA GOLF
2011 and 2012 Balance Sheets
Assets Liabilities and Owners’ Equity
2011 2012 2011 2012
  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, INC.
2012 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 2012 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 2012
  Cash, beginning of the year $
  Operating activities
      (Click to select)Net incomeNet loss $
      (Click to select)Less: Increase in accounts payableAdd: Increase in accounts payableAdd: DepreciationLess: Increase in other current liabilitiesAdd: Increase in other current liabilitiesLess: Depreciation $
      (Click to select)Less: Increase in other current liabilitiesLess: Increase in accounts payableAdd: Increase in accounts payableLess: DepreciationAdd: DepreciationAdd: Increase in other current liabilities
      (Click to select)Less: Increase in accounts payableLess: DepreciationLess: Increase in other current liabilitiesAdd: Increase in accounts payableAdd: Increase in other current liabilitiesAdd: Depreciation
      (Click to select)Less: Increase in inventoryLess: Increase in accounts receivableAdd: Increase in accounts receivableLess: Increase in notes payableAdd: Increase in notes payableAdd: Increase in inventory $
      (Click to select)Add: Increase in inventoryLess: Increase in accounts receivableLess: Increase in notes payableAdd: Increase in notes payableAdd: Increase in accounts receivableLess: Increase in inventory
  Net cash from operating activities $
  Investment activities
      (Click to select)Increase in inventoryDecrease in notes payableFixed asset acquisitionDividends paidIncrease in notes payableDecrease in inventory $
  Net cash from investment activities $
  Financing activities
      (Click to select)Dividends paidIncrease in notes payableIncrease in long-term debtDecrease in long-term debtDecrease in notes payableIncrease in accounts payable $
      (Click to select)Increase in accounts payableIncrease in notes payableIncrease in long-term debtDividends paidDecrease in long-term debtDecrease in notes payable
      (Click to select)Increase in long-term debtDecrease in long-term debtIncrease in notes payableDividends paidDecrease in notes payableIncrease in accounts payable
  Net cash from financing activities $
      (Click to select)Net decrease in cashNet increase in cash $
  Cash, end of year $

rev: 09_11_2013_QC_35105

Homework Answers

Answer #1

Fixed Assets acquisitions = Net Plant and Equipment, end of the year + Depreciation - Net Plant and Equipment, beginning of the year
Fixed Assets acquisitions = $361,100 + $57,700 - $329,695
Fixed Assets acquisitions = $89,105

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