SMOLIRA GOLF, INC Balance Sheets as of December 31, 2013 and 2014 2013 Liabilities and Owners' Equity 2013 2014 2014 Assets Current assets Current liabilities Cash Accounts receivable Inventory $ 4,607 4,910 Accounts payable $ 3,413$ 3,846 3,416 165 8,149 Notes payable 6,702 7,357 19,350 Other 2,768 138 Total $28,666 32,409 Total $ 6,319$ 7,427 Long-term debt Owners' equity $22,500$ 19,000 Common stock and paid-in surplus Accumulated retained earnings $38,000$ 38,000 44,792 $58,535 $ 82,792 $87,354 $ 109,219 Fixed assets 20,535 Net plant and equipment $58,688 $ 76,810 Total Total assets $87,354 $109,219 Total liabilities and owners' equity 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 Taxable income laxes 59,317 20,760 Net income 38,557 Dividends Retained earnings $ 14,300 24,257