Some recent financial statements for Smolira Golf Corporation follow.AssetsCurrent assetsCashAccounts receivableInventoryTotalTotal assetsSalesCost of goods soldDepreciationTaxable incomeTaxes (23%)Fixed assetsNet plant and equipment $465,700 $521,583 TotalSMOLIRA GOLF CORPORATION2021 Income StatementEarnings before interest andtaxesInterest paidNet incomeDividendsRetained earningsCash, beginning of the yearOperating activities2020$35,685 $39,03218,45128,9364,00043,152$ 58,136 $ 111,120SMOLIRA GOLF CORPORATION2020 and 2021 Balance Sheets2021Net cash from operating activitiesInvestment activitiesSMOLIRA GOLF CORPORATIONStatement of Cash FlowsFor 2021Net incomeAdd: DepreciationLess: Increase in accounts receivableAdd: Increase in inventoryAdd: Increase in accounts payableAdd: Increase in other current liabilitiesCash, end of yearNet cash from investment activitiesFinancing activitiesNet cash from financing activities$ 523,836 $ 632,703 Total liabilities and owners' equity $523,836$ 24,00039,144Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negativeanswers should be indicated by a minus sign.)Answer is not complete.››› ›› ›✓Xx✔$ 512,954363,87846,088Liabilities and Owners' EquityCurrent liabilities$ 102,98820,983Accounts payableNotes payableOther$ 82,00518,861$ 63,144$TotalLong-term debtOwners' equityCommon stock and paid-in surplusAccumulated retained earnings$$$$35,68563,144✔46,088✔-10,485 ✔-10,500 x4,924 X3,792 X97,124 x50,400 X202039,032$38,992 $43,23220,30817,17521,034 25,674$80,334 $86,081$ 121,500 $ 185,4762021$ 56,300 $ 56,300265,702 304,846$322,002$361,146$632,703

Name: Some recent financial statements for Smolira Golf Corporation follow.
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Description: Some recent financial statements for Smolira Golf Corporation follow.AssetsCurrent assetsCashAccounts receivableInventoryTotalTotal assetsSalesCost of goods soldDepreciationTaxable incomeTaxes (23%)Fixed assetsNet plant and equipment $465,700 $521,5

Statement of cash flows is one of useful financial statement being prepared in business. It shows…

Answered: Prepare the 2021 statement of cash…

Business

Accounting

Prepare the 2021 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.)

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 Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes SMOLIRA GOLF, INCORPORATED 2022 Income Statement Net income Dividends Retained earnings 2021 Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios I. Profit margin m. Return on assets n. Return on equity $3,061 4,742 12,578 $ 20,381 SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 52,746 $ 73,127 2021 $ 188,370 126, 703 5,283 $ 56,384…
Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation Taxable income Taxes (22%) Earnings before interest and taxes Interest paid Net income Dividends Retained earnings 2020 $35,585 $38,940 28,846 43,112 18,401 3,970 SMOLIRA GOLF CORPORATION 2021 Income Statement a. Price-earnings ratio b. Dividends per share c. Market-to-book ratio d. PEG ratio SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $57,956 $110,898 $ 465,585 $ 27,000 37,022 Accounts payable Notes payable Other $ 521,433 Total $ 523,541 $ 632,331 Total liabilities and owners' equity Long-term debt times Owners' equity Common stock and paid-in surplus Accumulated retained earnings times times Total $ 512,454 363,528 45,963 $102,963 20,883 $ 82,080 18,058 $ 64,022 Smolira Golf Corporation has 52,000…
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