Assets SMOLIRA GOLF CORP. 2011 and 2012 Balance Sheets Llabilities and Owners' Equity 2012 2011 2012 Current liabilities $ 24,255 Accounts payable $ 23,184 $ 27,420 2011 $24.046 Current assets Cash Accounts receivable Inventory 12.448 25.392 $61.886 15.235 27.155 $ 66,645 Total 12,000 10,800 11.571 15,553 $ 46,755 $ 53,773 $ 80,000 $ 95,000 Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 40,000 $ 40,000 Fixed assets 219,826 243, 606 Net plant and equipment 324,695 365.734 $259,826 $283,606 Total Total liabilities and owners' equity Total assets $386,581 $432,379 $388,581 $432,379 SMOLIRA GOLF CORP. 2012 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net Income Dividends $20.000 Retained earnings 23,780 $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 27. 28. DuPont Identity (LO3] Construct the DuPont identity for Smolira Golf Corp. Statement of Cash Flows (L04] Prepare the 2012 statement of cash flows for Smolira Gold Corp