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SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 Assets 2021 2022 Liabilities and Owners Equity 2021 2022 Current assets Current liabilities
SMOLIRA GOLF, INCORPORATED | |||||
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Balance Sheets as of December 31, 2021 and 2022 | |||||
Assets | 2021 | 2022 | Liabilities and Owners Equity | 2021 | 2022 |
Current assets | Current liabilities | ||||
Cash | $ 2,971 | $ 2,907 | Accounts payable | $ 2,193 | $ 2,680 |
Accounts receivable | 4,727 | 5,701 | Notes payable | 1,790 | 2,196 |
Inventory | 12,638 | 13,702 | Other | 98 | 115 |
Total | $ 20,336 | $ 22,310 | Total | $ 4,081 | $ 4,991 |
Long-term debt | $ 14,100 | $ 16,860 | |||
Owners equity | |||||
Common stock and paid-in surplus | $ 42,000 | $ 42,000 | |||
Fixed assets | Accumulated retained earnings | 15,694 | 39,696 | ||
Net plant and equipment | $ 55,539 | $ 81,237 | Total | $ 57,694 | $ 81,696 |
Total assets | $ 75,875 | $ 103,547 | Total liabilities and owners equity | $ 75,875 | $ 103,547 |
SMOLIRA GOLF, INCORPORATED | |
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2022 Income Statement | |
Sales | $ 188,970 |
Cost of goods sold | 127,003 |
Depreciation | 5,253 |
EBIT | $ 56,714 |
Interest paid | 1,350 |
Taxable income | $ 55,364 |
Taxes | 19,377 |
Net income | $ 35,987 |
Dividends | $ 11,985 |
Retained earnings | 24,002 |
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