. Analysts following the Tomkovick Golf Company were given the following balance
ID: 2544651 • Letter: #
Question
. Analysts following the Tomkovick Golf Company were given the following balance sheet information or the years ended June 30, 2016 and June 30, 2015: Assets Cash and Marketable Securities$38,104 $25,631 Accounts Receivable 2016 2015 342.742 $332,760 $429,860 $105,809 $216,708 Inventory Other Current Assets $85,672 Total Current Assets Gross Plant and Equipment Less: Accumulated Depreciation(S432,560)($386,720) Net Plant and Equipment Goodwill and Other Assets $819,415 $757,871 $2,050,368 $1,859,234 $1,617,808 $1,472,514 $286,539 $312,672 Total Assets $2,723,762 $2,543,057 Liabilities and Equity Accounts Payable Notes Payable Accrued Income Taxes 2016 $332,450 $25,769 $42,870 2015 $389,321 $35,870 $35,680 Total Current Liabilities $401,089 $460,871Explanation / Answer
(b) Cash flow from operations = $4,648,333
TOMKOVIK GOLF COMPANY Statement of cash flows for the year ended December 31, 2016 Cash flow from operations Net income for the year 4685213 Add: Depreciation expense 45840 Amortization of goodwill 26133 Decrease in inventory 97100 Increase in accrued income taxes 7190 176263 Less: Decrease in accounts payable 56871 Decrease in notes payable 10101 Increase in accounts receivable 126034 Increase in other current assets 20137 213143 Cash flow from operations 4648333 Cash flow from investing activities Purchase of plant and equipment -191134 Cash flow from financing activities Issue of long term debt 103812 Dividends paid * -4548538 Cash flow from financingactivities -4444726 Net cash flows 12473 Increase in cash balance 12473 Beginning cash balance 25631 Ending cash balance 38104 Retained earnings Balance as at Jan.1, 2016 733554 Add: Net income for the year 2016 4685213 5418767 Less: Balance as at December 31,2016 870229 Dividends paid * 4548538Related Questions
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