* Ch.3: Working with Financial Statements P85 27. Du Pont Identity (203) Construct the Du Pont identity for Smolira Golf Corp. Some recent financial statements for Smolira Golf Corp. follow. Use this information to work Problems 26 through 30. Assets 2008 SMOLIRA GOLF 2008 and 2009 Balance Sheets Liabilities and Owners Equity 2009 2008 2009 Current liabilities $ 22,050 Accounts payable $ 19,320 $ 22,850 $21,860 Current assets Cash Accounts receivable Inventory Total 11,316 23,084 $56,260 13,850 24,650 $ 60,550 10,000 9,643 $ 38,963 $ 75,000 9,000 11,385 $ 43,235 $ 85,000 Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 25,000 $ 25,000 Foxed assets Net plant and equipment 151,365 167,840 234.068 260.525 $176,365 $192,840 Total Total liabilities and owners' equity Total assets $290.328 $321.075 $290,328 $321,075 SMOLIRA GOLF, Inc. 2009 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 16,475 $305,830 210,935 26,850 $ 68,045 11,930 $ 56,115 19,640 $ 36,475