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 $ 23,056 13,548 26,982 $ 25,200 16,300 28,200 Accounts payable Notes payable Other $ 24,284 13,000 12,671 $ 28,200 11,900 19,900 Total $ 63,586 $ 69,700 Total $ 49,955 $ 60,000 Long-term debt Owners' equity $ 80,000 $ 92,000 Common stock and paid-in surplus Accumulated retained earnings 60,000 209,326 $ 60,000 222,000 Fixed assets Net plant and equipment $335,695 $364,300 Total $269,326 $282,000 Total assets $399,281 $434,000 Total liabilities and owners' equity $399,281 $434,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation $375,123 258,000 45,600 Earnings before interest and taxes Interest paid $ 71,523 15,400 Taxable income Taxes (40%) $ 56,123 22,449 Net income $ 33,674 Dividends Retained earnings $ 21,000 12,674