Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2014 Assets 2014 2015 2015 Current assets Current liabilities Cash Accounts receivable Inventory 24,076 12,748 25,742 24,400 15,500 27,400 Accounts payable Notes payable Other $ 23,484 13,000 11,871 27,400 11,100 17,500 Total 62,566 $ 67,300 Total $ 48,355 $ 56,000 72,000 Long-term debt Owners' equity $84,000 Common stock and paid-in surplus 45,000 224,906 $ 45,000 245,000 Accumulated retained earnings Total Total liabilities and owners' equity Fixed assets Net plant and equipment $327,695 $362,700 $269,906 $290,000 Total assets $390,261 $430,000 $390,261 $430,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation 378,618 254,000 56,150 Earnings before interest and taxes Interest paid $ 68,468 14,600 Taxable income Taxes (20%) $53,868 10,774 Net income $ 43,094 Dividends Retained earnings $23,000 20,094