Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities Cash Accounts receivable Inventory $ 24,046 12,448 25,392 $ 24,255 15,235 27,155 Accounts payable Notes payable Other $23,184 12,000 11,571 $27,420 10,800 15,553 Total 61,886 $66,645 Total $46,755 $ 53,773 $80,000 $ 95,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 40,000 219,826 $ 40,000 243,606 Fixed assets Net plant and equipment Total assets $324 $365,734 Total $259,826 $283,606 $386,581 $432,379 Total liabilities and owners' equity $386,581 $432,379 EARL GREY GOLF CORP 2015 Statement of Comprehensive Income Sales Cost of goods sold Depreciation $366,996 253,122 32,220 Earnings before interest and taxes Interest paid $ 81,654 14,300 Taxable income Taxes (35%) $67,354 23,574 Net income $ 43,780 Dividends Retained earnings 20,000 23,780