Some recent financial statements for Smolira Golf Corporation follow. Assets SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable 2020 Current assets Cash $32,653 $39,350 Accounts receivable Inventory 16,911 34,495 28,877 Notes payable 44,336 Other Total $ 84,059 $112,563 Total Long-term debt 2020 2021 $34,886 $ 44,285 18,058 16,848 18,871 25,619 $ 71,815 $86,752 $110,000 $ 140,000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,000 $ 55,000 288,343 333,683 Fixed assets Net plant and equipment $441,099 $ 502,872 Total Total assets $ 343,343 388,683 $525,158 $ 615,435 Total liabilities and owners' equity $525,158 615,435 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 531,750 377,294 46,686 Earnings before interest and $107,770 taxes