SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Current liabilities Cash Accounts receivable Inventory $ 24,106 13,048 26,342 $ 24,700 15,800 27,700 Accounts payable Notes payable Other $ 23,784 16,000 12,171 $ 27,700 11.400 15,900 Total $63,496 $ 68,200 Total $51,955 55,000 $ 90,000 Long-term debt Owners' equity $ 75,000 Common stock and paid-in surplus Accumulated retained earnings 45,000 222,236 $ 45,000 242,000 Fixed assets Net plant and equipment $330,695 $363,800 Total $267,236 $287,000 Total assets $394,191 $432,000 Total liabilities and owners' equity $394,191 $432,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation $367,234 235,500 38,600 Earnings before interest and taxes Interest paid $ 93,134 14,900 Taxable income Taxes (30%) $ 78,234 23,470 Net income 54,764 Dividends Retained earnings $35,000 19,764