Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,848 Accounts payable $ 38,612 28,756 Notes payable 20,108 43,072 20,854 $ 35,485 18,351 3,940 Other $ 43,132 17,025 25,514 $ 85,671 Total $ 57,776 $ 110,676 Total $ 79,574 Long-term debt $ 120,500 $ 184,214 $ 56,100 Owners' equity Common stock and paid.in surplus Accumulated retained earnings $ 56,100 305,974 267,072 Fixed assets Net plant and equipment $465,470 $521,283 Total $ 323,172 $362,074 Total assets $523,246 $631,959 Total liabilities and owners' equity $523,246 $631,959 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 511,954 363,178 45,838 Earnings before interest and taxes Interest paid $102,938 20,783 Taxable income Taxes (21%) $ 82,155 17.253 Net income $ 64,902 Dividends Retained earnings $26.000 38.902 SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities III TILL TIL IIIIIIIIII Net cash from operating activities Investment activities TIL TUTTI Net cash from investment activities Financing activities from financing Bet vites