S03-27 DuPont Identity [LO3]

Some recent financial statements for Smolira Golf Corporation follow.

SMOLIRA GOLF CORPORATION
2020 and 2021 Balance Sheets
Assets	2020	2021	Liabilities and Owners Equity	2020	2021
Current assets			Current liabilities
Cash	$ 32,653	$ 39,350	Accounts payable	$ 34,886	$ 44,285
Accounts receivable	16,911	28,877	Notes payable	18,058	16,848
Inventory	34,495	44,336	Other	18,871	25,619
Total	$ 84,059	$ 112,563	Total	$ 71,815	$ 86,752
			Long-term debt	$ 110,000	$ 140,000
			Owners equity
			Common stock and paid-in surplus	$ 55,000	$ 55,000
Fixed assets			Accumulated retained earnings	288,343	333,683
Net plant and equipment	$ 441,099	$ 502,872	Total	$ 343,343	$ 388,683
Total assets	$ 525,158	$ 615,435	Total liabilities and owners equity	$ 525,158	$ 615,435

SMOLIRA GOLF CORPORATION
2021 Income Statement
Sales		$ 531,750
Cost of goods sold		377,294
Depreciation		46,686
Earnings before interest and taxes		$ 107,770
Interest paid		20,650
Taxable income		$ 87,120
Taxes (25%)		21,780
Net income		$ 65,340
Dividends	$ 20,000
Retained earnings	45,340

Construct the DuPont identity for Smolira Golf Corporation.