Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 35,185 $ 38,572 Accounts payable $ 38,042 $ 42,982 Accounts receivable 18,201 28,486 Notes payable 19,808 16,800 Inventory 3,850 42,952 Other 20,584 25,274 Total $57,236 $ 110,010 Total $ 78,434 $ 85,056 Long-term debt $ 119,000 $ 184,427 Owners' equity Common stock and paid-in surplus $ 55,800 $ 55,800 Accumulated retained earnings 269,127 305,560 Fixed assets $ 324,927 Net plant and equipment $ 465,125 $ 520,833 Total 361,360 Total assets $ 522,361 $ 630,843 Total liabilities and owners' equity $ 522,361 630,843 Cul in corconnRATION SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 510,454 362,128 45,463 Earnings before interest and taxes Interest paid $ 102,863 20,483 Taxable income Taxes (23%) $ 82,380 18,947 Net income $ 63,433 Dividends Retained earnings $ 27,000 36,433 SMOLIRA GOLF CORPORATION Statement of Cash Flows For 2021 Cash, beginning of the year Operating activities Net income Add: Depreciation Add: Increase in accounts payable Add: Increase in other current liabilities Less: Increase in accounts receivable Less: Increase in inventory Net cash from operating activities Investment activities Fixed asset acquisition Net cash from investment activities Financing activities Decrease in notes payable Dividends paid Increase in long-term debt Net cash from financing activities Net increase in cash Cash, end of year Drou