Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 37,837 Accounts payable $ 36,722 27,766 Notes payable 19,008 42,632 Other 19,864 $ 34,385 17,801 $ 42,582 16,200 24,634 36,310 Total $ 88,496 $108,235 Total $ 75,594 $ 83,416 Long-term debt $ 115,000 $ 145,000 $ 55,000 $ 55,000 Owners' equity Common stock and paid in surplus Accumulated retained earnings 307,217 344,452 Net plant and equipment $464,315 $ 519,633 Total $362,217 $399,452 Total assets $ 552,811 $627,868 Total liabilities and owners' equity $ 552,811 $627,868 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $506,454 359,328 44,463 Earnings before interest and taxes Interest paid $ 102,663 19,683 Taxable income Taxes (25%) $ 82,980 20,745 Net income $ 62,235 Dividends Retained earnings $25,000 37,235 SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities $ 101,041 Net cash from operating activities Investment activities $ -99,781 Net cash from investment activities Financing activities Net cash from financing activities 2,192 Cash, end of year