EARL GREY GOLF CORP 2014 and 2015 Statement of Financial Position 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 Long-term debt Owners' equity $80,000 $95,000 Common stock and paid-in surplus Retained earnings $ 40,000 219,826 $ 40,000 243,606 Fixed assets Net plant and equipment Total assets $ 324,695 $ 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 Additions to retained earnings $20,000 23,780