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Question: Cash flows: Analysts following the Tomkovick Golf Company were given the following balance sheet information for the years ended June 30, 2014 and June 30 2013:
2014
2013
Assets
Cash and marketable securities
$ 33,411
$ 16,566
Accounts receivable
260,205
318,768
Inventory
423,819
352,740
Other current assets
41,251
29,912
Total current assets
$ 758,686
$ 717,986
Plant and equipment
1,931,719
1,609,898
Less: Accumulated depreciation
(419,044)
(206,678)
Net plant and equipment
$1,512,675
$1,403,220
Goodwill and other assets
382,145
412,565
Total assets
$2,653,506
$2,533,771
Liabilities and Equity
Accounts payable and accruals
$ 378,236
$ 332,004
Notes payable
14,487
7,862
Accrued income taxes
21,125
16,815
Total current liabilities
$ 413,848
$ 356,681
Long-term debt
679,981
793,515
Total liabilities
$1,093,829
$1,150,196
Preferred stock
__
Common stock (10,000 shares)
10,000
Additional paid-in capital
975,465
Retained earnings
587,546
398,110
Less: Treasury stock
(13,334)
Total common equity
$1,559,677
$1,383,575
Total liabilities and equity
In addition, it was reported that the company had a net income of $ 3,155,848 and that depreciation expenses were equal to $212,366 during 2014. Assume amortization expense was $0 in 2014.
a. Construct a 2014 cash flow statement for this firm.
b. What is the net cash provided by operating activities?
c. What is the net cash provided/used by financing activities? Note, don't forget to construct a statement of retained earnings to determine if the company paid a dividend?
d. Does the sum of the net cash provided by operating, investing and financing activities equal $16,845?
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