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Cash flows: Analysts following the Tomkovick Golf Company were given the following balance sheet information for the years ended June 30, 2011 and June 30, 2010:
Assets
2011
2010
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 2011.
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