SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2014 2015 2015 Current assets Current liabilities Cash Accounts receivable Inventory $ 24,216 14,148 25,800 16,900 28,800 Accounts payable Notes payable Other 24,884 18,000 13,271 28,800 12,500 16,700 27,722 66,086 $ 71,500 56,155 $ 58,000 $ 86,000 Long-term debt Owners' equity $ 97,000 Common stock and paid-in surplus Accumulated retained earnings 50,000 215,626 $ 50,000 229,000 Fixed assets Net plant and equipment $341,695 $362,500 Total $265,626 $279,000 Total assets $407,781 $434,000 Total liabilities and owners' equity $407,781 $434,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation $357,290 241,600 32,400 Earnings before interest and taxes Interest paid $ 83,290 16,000 Taxable income Taxes (40%) 67,290 26,916 Net income $ 40,374 Dividends Retained earnings 27,000 13,374