Some recent financial statements for Smolira Golf, Inc., follow SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2013 and 2014 2013 2013 Liabilities and Owners' Equity 2014 2014 Assets Current assets Current liabilities $ 2,821 $ 2,657 Accounts payable Cash Accounts receivable Inventory 4,702 12,738 13,652 Other $ 2,218 $ 2,730 2,246 120 1,815 103 5,651 Notes payable Total $20,261 $ 21,960 Total $ 4,136 $ 5,096 $14,600 $ 17,360 Long-term debt Owners' equity Common stock $44,500 $ 44,500 and paid-in surplus Accumulated retained earnings 40,061 $60,219 $ 84,561 $78,955 $107,017 Fixed assetS 15,719 Net plant and equipment $58,694 $ 85,057 Total otal assets $78,955 $107,017 Total liabilities and owners' equity SMOLIRA GOLF, INC. 2014 Income Statement Sales Cost of goods sold Depreciation $ 189,970 127,503 5,203 EBIT Interest paid $ 57,264 1,300 Taxable income Taxes $55,964 19,587 Net income $ 36,377 Dividends Retained earnings $ 12,035 24,342