Analysts following the Tomkovick Golf Company were given the following balance s

Question

Analysts following the Tomkovick Golf Company were given the following balance shee formation for the years ended June 30, 2016 and June 30, 2015 Assets 2016 2015 Cash and Marketable Securities Accounts Receivable 104$25,631 $216,708 $342,742$ $332,760$429,860 $105,809 $85,672 Inventory Other Current Assets Total Current Assets $819,415 $757,871 $2,050,368 $1,859,234 Gross plant and Equipment Less: Accumulated Depreciation($432,560)(S386,720) Net Plant and Equipment Goodwill and Other Assets $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 2015 $389,321 $35,870 2016 $332,450 $25,769 $42,870$35,680 Total Current Liabilities $401,089 $460,871

Explanation / Answer

CASH FLOW STATEMENT Cash flows from Operating Activities: Net income for the year 4685213 Add: Non operating and non cash expense Depreciation 45840 Amortization of Goodwill (312672-286539) 26133 Adjustment in Operating assets and liabilities Increase in Account receivable -126034 Decrease in inventory 97100 Increase in Other current assets -20137 Decrease in Accounts payable -56871 Decrease in Notes payable -10101 Increase in Accrued taxes 7190 Net cash provided from operating activities 4648333 Cashflows from Investing Activities: Purchase of Plant and equipment -191134 Net cash used in Investing Aactivities -191134 Cash flows from Financing Activities: Long term borrowings 103812 Dividend paid -4548538 (733554+4685213-870229) Net cash used for financing activities -4444726 Net cash inflows during the year 12473 Add: Beginning Balance of cash 25631 Ending balance of cash 38104 Req b: Cash flows from operating Activities: $ 4648333 Req c: Net cash used In investing Activities: $ 191,134 Req d: Net casah used in Financing Activities: $ 4444726

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