SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities 24,066 24,300 23,384 27,300 Cash Accounts payable 12,648 13,000 11,000 Accounts receivable 15,400 Notes payable Inventory 25,642 27,300 Other 11,77 16,700 62,356 67,000 48,155 55,000 Total Total 71,000 82,000 Long-term debt Owners' equity Common stock and paid-in surplus 42,000 42,000 227,896 250,000 Accumulated retained earnings Fixed assets $362,000 Net plant and equipment 326,695 $269,896 $292,000 Tota $429,000 $429,000 Total assets 389,051 Total liabilities and owners' equity $389,051 SMOLIRA GOLF CORP. 2015 Income Statement $369,630 Sales Cost of goods sold 253,500 Depreciation 46,500 Earnings before interest and taxes 69,630 Interest paid 14,500 Taxable income 55,130 Taxes (20%) 11,026 44,104 Net income $22,000 Dividends Retained earnings 22,104 Smolira Golf Corp. has 20,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2015 was $35