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 24,226 14,248 27,802 28,900 12,600 17,500 $ 25,900 17,000 28,900 Accounts payable Notes payable Other S 24,984 17,000 13,371 Total S 66,276 71,800 Total 55,355 $ 59,000 Long-term debt Owners' equity $124,000 $132,000 Common stock and paid-in surplus Accumulated retained eanings S 60,000 169,616 60,000 185,000 Fixed assets Net plant and equipment Total assets 342,695 $364,200 Total $229,616 $245,000 $408,971 $436,000 Total liabilities and owners' equity $408,971 $436,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation S390,477 261,500 50,900 Earnings before interest and taxes Interest paid 78,077 16,100 Taxable income Taxes (30%) S 61,977 18,593 Net income $ 43,384 Dividends Retained earnings S28,000 15,384