Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2018 2017 2017 2018 Current liabilities Current assets $ 26,100 $ 25,184 $ 29,100 Cash Accounts 24,246 Accounts payable Notes payable 20,000 14,448 17,200 12,800 receivable Inventory 27,992 29,100 Other 13,571 18,100 $ 58,755 $ 60,000 $66,686 72,400 Total Total $103,648 Long-term debt 89,000 Owners' equity Common stock and paid-in s 50,000 $50,000 surplus Accumulated retained 213,626 223,352 earnings Fixed assets Net plant and equipment $344,695 $364,600 Total $263,626 $273,352 Total liabilities and owners $ 411,381 $437,000 $437,000 Total assets 411,381 equity SMOLIRA GOLF CORP 2018 Income Statement $360,968 262,500 29,200 Sales Cost of goods sold Depreciation Earnings before interest and taxes 69,268 Interest paid 16,300 $ 52,968 13,242 Taxable income Taxes (25%) $39,726 Net income Dividends $30,000 9,726 Retained earnings Asset utilization ratios: Total asset turnover e. Inventory turnover f.Receivables turnover times times times