SMOLIRA GOLF, INC Balance Sheets as of December 31, 2013 and 2014 2013 2014 2013 2014 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 4,607 $ 4,910 Accounts payable $ 3,413 $ 3.846 Accounts receivable 6,702 8,149 Notes payable 2.768 3,416 Inventory 17,357 19,350 Other 138 165 Total $28,666 $32,409 Total $ 6,319 $ 7,427 $22,500 $ 19,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Fixed assets $38,000 $ 38,000 20,535 44,792 Net plant and equipment $ 58,688 $ 76,810 Total $58,535 $ 82,792 Total assets $ 87,354 $109,219 Total liabilities and owners' $ 87,354 $ 109,219 SMOLIRA GOLF, INC. 2014 Income Statement Sales $ Cost of goods sold Depreciation 205,227 138,383 5,910 $ EBIT Interest paid 60,934 1,617 $ 59,317 Taxable income Taxes 20,760 Net Income $ 38,557 Dividends $14,300 24,257 Retained earnings for year 2013, total debt ratio is percent (if your answer is 5.23 %, then pur 5.23 in the blank space, no % sign)