Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Assets 2020 Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory $ 32,653 16,911 34,495 $39,350 Accounts payable 28,877 Notes payable 44,336 Other Total $ 84,059 $112,563 Total Long-term debt Owners' equity 2020 2021 $34,886 $44,285 18,058 16,848 18,871 25,619 $71,815 $86,752 $110,000 $ 140,000 Fixed assets Common stock and paid-in surplus $ 55,000 $55,000 Accumulated retained earnings 288,343 333,683 Net plant and equipment $ 441,099 $ 502,872 Total $ $343,343 388,683 $ Total assets $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 taxes Interest paid Taxable income Taxes (25%) Net income Dividends Retained earnings $ 20,000 45,340 $ 107,770 20,650 $ 87,120 21,780 $ 65,340