Some recent financial statements for Smolira Golf Corporation follow. 2020 2021 Assets Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 36,085 $ 39,400 Accounts payable 18,651 29,296 Notes payable 4,120 43,312 Other $ 39,752 $ 43,432 20,708 17,475 21,394 25,994 Total $ 58,856 $ 112,008 Total $ 81,854 $ 86,901 Long-term debt $ 123,500 $ 187,898 Owners' equity Common stock and paid-in surplus $ 56,700 $ 56,700 Accumulated retained earnings 262,962 302,692 Fixed assets Net plant and equipment $ 466,160 $ 522,183 Total $ 319,662 359,392 Total assets $ 525,016 $ 634,191 Total liabilities and owners' equity $ 525,016 $ 634,191 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 514,954 365,278 46,588 Earnings before interest and taxes Interest paid $ 103,088 21,383 Taxable income Taxes (22%) $ 81,705 17,975 Net income $ 63,730 Dividends Retained earnings $ 24,000 39,730 SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year