horec SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 34.385 S 37,837 $ 36,722 $ 42,582 Accounts receivable Accounts payable Notes payable 17.801 27,766 19,008 16,200 Inventory 36,310 42.632 Other 19.864 24.634 Total $ 88,496 $108.235 Total $ 75,594 $ 83.416 $ 115,000 $145.000 Long-term debt Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Fixed assets Accumulated retained earnings 307.217 344452 464.315 519.633 Total Net plant and equipment $.362.217 $399.452 Total assets $552.811 $627.868 Total liabilities and owners' equity S 552.811 $627.868 SMOLIRA GOLF CORP. 2018 Income Statement Sales $ 506,454 Cost of goods sold 359,328 Depreciation 44,463 Earnings before interest and taxes $ 102,663 Interest paid 19,683 Taxable income $ 82,980 Taxes (25%) 20,745 Net income $ 62,235 Dividends $ 25,000 Retained earnings 37,235 Profitability ratios: 1. Profit margin. m. Return on assets. n. Return on equity