SMOLIRA GOLF Balance sheets, 2008 and 2009 Assets Liabilities and shareholders' equity 2008 2009 2008 2009 Current assets current liabilities Cash $21,860 $22050 Accounts payable $19,320 $22850 accounts receivable 11316 13850 Documents to pay 10000 9000 Inventory 23,084 24 650 Others 9643 11385 Total $56260 $ 60550 Total $38963 $43,235 long term debt $75,000 $85,000 Capital of the owners Common Stock and Surplus Paid $25,000 $25,000 Fixed assets Retained eamings 151365 167840 Net plant and equipment 234 068 260525 Total $176365 $192840 Total liabilities and equity total assets $290,328 $321075 accountant $290,328 $321,075 SMOLIRA GOLF, Inc. Income Statement 2009 Sales $305830 Sales cost 210935 Depreciation 26850 Earnings before interest and taxes $68045 Interest paid 11930 taxable profit $56,115 Taxes (35%) 19640 Net profit $36,475 dividends $20,000 Addition to retained earnings. 16475