Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Liabilities and Owners' Equity Assets 2014 2015 2014 2015 Current assets Current liabilities 23,784 27,700 Cash 24,106 24,700 Accounts payable Accounts receivable 13.048 15.800 Notes payable 16.000 11,400 Inventory 26.342 27.700 Other 12,171 15.900 63,496 Total 68,200 Total 51,955 55,000 Long-term debt 75,000 90,000 Owners' equity Common stock and paid-in surplus 45,000 45,000 Accumulated retained earnings 242,000 222.236 Fixed assets $267,236 Net plant and equipment $330,695 $363,800 Total $287,000 Total assets $394,191 $432,000 Total liabilities and owners' equity $432,000 394,191 SMOLIRA GOLF CORP 2015 Income Statement $367,234 Sales Cost of goods sold 235,500 Depreciation 38,600 Earnings before interest and taxes 93,134 Interest paid 14.900 Taxable income 78,234 Taxes (30%) 23.470 Net income 54,764 Dividends 35,000 Retained earnings 19,764