SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2,911 $ 2.807 Accounts payable $ 2,203 $ 2,700 Accounts receivable 4,717 5.681 Notes payable 1,800 2,216 Inventory 12,678 13,682 Other 100 117 Total $20,306 $ 22,170 Total $ 4,103 $ 5,033 $ 14,300 $ 17,060 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $43,000 $ 43,000 15,704 39,842 Fixed assets Net plant and equipment $ 56,801 $ 82,765 Total $58,704 $ 82,842 Total assets $ 77107 $104,935 Total liabilities and owners' $ 77107 $104,935 $ 189,370 SMOLIRA GOLF, INC. 2019 Income Statement Sales Cost of goods sold 127,203 Depreciation 5,233 EBIT Interest paid $56,934 1,330 Taxable income Taxes $55,604 19.461 Net income $ 36,143 vanie 17.00