Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF 2011 and 2012 Balance Sheets Assets Liabilities and Owners' Equity 2011 2012 2011 2012 Current assets Current liabilities Cash Accounts receivable 24,046 12,448 25,392 $ 24,255 15,235 27,155 Accounts payable Notes payable Other $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 Total $ 61,886 $ 66,645 Total $ 46,755 $ 53,773 $ 95,000 Long-term debt Owners' equity $ 80,000 Common stock and paid-in surplus 40,000 219,826 $ 40,000 243,606 Accumulated retained earnings Total Total liabilities and owners' equity Fixed assets Net plant and equipment $324,695 $365,734 $259,826 $283,606 Total assets $386,581 $432,379 $386,581 $432,379 SMOLIRA GOLF, INC 2012 Income Statement Sales Cost of goods sold Depreciation S366,996 253,122 32,220 Earnings before interest and taxes Interest paid $81,654 14,300 Taxable income Taxes (35%) $67,354 23,574 Net income $ 43,780