2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities s 24,086 s 24,500 12,848 15,600 23,584 27,500 Accounts payable Cash Accounts receivable Notes payable 15,000 11,200 27,500 Inventory 26,042 Other 11,971 18,300 62,976 67,600 50,555 57,000 Total Total 60,000 773,000 Long-term debt Owners' equity Common stock and paid-in surplus 44,000 44,000 Accumulated retained earnings 237,116 256,000 Fixed assets Net plant and equipment $328,695 $362,400 $281,116 00,000 Tota $391,671 $430,000 $391,671 $430,000 Total assets Total liabilities and owners' equity SMOLIRA GOLF CORP 2015 Income Statement $373,473 Sales Cost of goods sold 254,500 Depreciation 32,800 86,173 Earnings before interest and taxes Interest paid 14,700 71,473 Taxable income Taxes (40%) 28,589 Net income 42,884 24,000 Dividends 18,884 Retained earnings