Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORF 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2014 2015 2015 Current assets Current liabilities Cash Accounts receivable Inventory $ 23,066 13,648 27,152 $ 25,300 16,400 28,300 Accounts payable Notes payable Other $ 24,384 14,000 12,771 $ 28,300 12,000 19,700 Total $63,866 $ 70,000 Total $ 51,155 $ 60,000 $ 81,000 $ 90,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,000 213,406 $ 55,000 229,000 Fixed assets Net plant and equipment $336,695 $364,000 Total $268,406 $284,000 Total assets $400,561 $434,000 Total liabilities and owners' equity $400,561 $434,000 SMOLIRA GOLF CORF 2015 Income Statement Sales Cost of goods sold Depreciation $333,706 215,200 49,300 Earnings before interest and taxes Interest paid $69,206 15,500 Taxable income Taxes (30%) $53,706 16,112 Net income $ 37,594 Dividends Retained earnings $22,000 15,594