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Item 9

Item 9 11.12 points

Some recent financial statements for Smolira Golf Corp. follow.

SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets
Assets									Liabilities and Owners Equity
	2017				2018					2017				2018
Current assets									Current liabilities
Cash	$	24,096			$	24,600			Accounts payable	$	23,684			$	27,600
Accounts receivable		12,948				15,700			Notes payable		14,000				11,300
Inventory		26,242				27,600			Other		12,071				18,100
Total	$	63,286			$	67,900			Total	$	49,755			$	57,000
									Long-term debt	$	74,000			$	70,557
									Owners equity
									Common stock and paid-in surplus	$	48,000			$	48,000
									Accumulated retained earnings		221,226				253,444
Fixed assets
Net plant and equipment	$	329,695			$	361,100			Total	$	269,226			$	301,444
Total assets	$	392,981			$	429,000			Total liabilities and owners equity	$	392,981			$	429,000

SMOLIRA GOLF CORP. 2018 Income Statement
Sales					$	414,290
Cost of goods sold						265,500
Depreciation						57,700
Earnings before interest and taxes					$	91,090
Interest paid						14,800
Taxable income					$	76,290
Taxes (25%)						19,073
Net income					$	57,218
Dividends	$	25,000
Retained earnings		32,218

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