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 24,584 23,086 25,500 28,500 Cash Accounts payable Accounts receivable 13,848 16,600 Notes payable 15,000 12,200 27,362 28,500 Other 12,971 18,300 nventory 52,555 59,000 64,296 170,600 Tota Tota 55,000 61,000 Long-term debt Owners' equity Common stock and paid-in surplus 52,000 52,000 243,436 Accumulated retained earnings 263,000 Fixed assets Net plant and equipment $338,695 $364,400 $295,436 $315,000 Total $402,991 $435,000 $402,991 Total liabilities and owners' equity $435,000 Total assets SMOLIRA GOLF CORP 2015 Income Statement $359,607 Sales Cost of goods sold 235,900 Depreciation 35,400 88,307 Earnings before interest and taxes Interest paid 15,700 Taxable income 72,607 29,043 Taxes (40%) 43,564 Net income $24,000 Dividends Retained earnings 19,564