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 25,800 24,884 28,800 Cash 24,216 Accounts payable Accounts receivable 14.148 16.900 Notes payable 18.000 12.500 Inventory 27.722 28.800 Other 13.271 16,700 Total 66,086 71,500 Total 56,155 58,000 Long-term debt 86,000 97,000 Owners' equity Common stock and paid-in surplus 50,000 50,000 229,000 Accumulated retained earnings 215,626 Fixed assets $279,000 $265,626 Net plant and equipment $341,695 $362,500 Total Total assets Total liabilities and owners' equity $407,781 $434,000 $407,781 $434,000 SMOLIRA GOLF CORP 2015 Income Statement $357,290 Sales Cost of goods sold 241.600 Depreciation 32.400 Earnings before interest and taxes 83,290 Interest paid 16.000 Taxable income 67,290 Taxes (40%) 26.916 40,374 Net income $27,000 Dividends Retained earnings 13,374