10 Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities 24,076 24,400 23,484 27,400 Cash Accounts payable 12,748 13,000 Accounts receivable 15,500 Notes payable 11,100 Inventory 25,742 27,400 Other 11,871 17,500 67,300 62,566 48,355 56,000 Tota Total 72,000 84,000 Long-term debt Owners' equity 45,000 Common stock and paid-in surplus 45,000 Accumulated retained earnings 224,906 245,000 Fixed assets Net plant and equipment $327,695 $362,700 $269,906 $290,000 Total $390,261 $430,000 Total liabilities and owners' equity $390,261 $430,000 Total assets SMOLIRA GOLF CORP. 2015 Income Statement 378,618 Sales 254,000 Cost of goods sold Depreciation 56,150 Earnings before interest and taxes 68,468 Interest paid 14,600 53,868 Taxable income Taxes (20%) 10,774 43,094 Net income $23,000 Dividends Retained earnings 20,094