SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities 25,084 24,236 26,000 29,000 Cash Accounts payable Notes payable Accounts receivable 14,348 17,100 19,000 12,700 27,892 Inventory 29,000 Other 13,471 18,300 66,476 72,100 57,555 60,000 Total Total 88,000 99,000 Long-term debt Owners' equity Common stock and paid-in surplus 45,000 45,000 Accumulated retained earnings 219,616 233,000 Fixed assets $264,616 $278,000 Net plant and equipment $343,695 $364,900 Total $437,000 $437,000 $410,171 $410,171 Total assets Total liabilities and owners' equity SMOLIRA GOLF CORP 2015 Income Statement $392,640 Sales Cost of goods sold 257,000 Depreciation 48,800 Earnings before interest and taxes 86,840 Interest paid 16,200 Taxable income 70,640 Taxes (40%) 28,256 42,384 Net income Dividends $29,000 Retained earnings 13,384