Question: Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017
| Some recent financial statements for Smolira Golf Corp. follow. |
| SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets | ||||||||||||||||
| Assets | Liabilities and Owners Equity | |||||||||||||||
| 2017 | 2018 | 2017 | 2018 | |||||||||||||
| Current assets | Current liabilities | |||||||||||||||
| Cash | $ | 24,136 | $ | 25,000 | Accounts payable | $ | 24,084 | $ | 28,000 | |||||||
| Accounts receivable | 13,348 | 16,100 | Notes payable | 19,000 | 11,700 | |||||||||||
| Inventory | 26,722 | 28,000 | Other | 12,471 | 18,300 | |||||||||||
| Total | $ | 64,206 | $ | 69,100 | Total | $ | 55,555 | $ | 58,000 | |||||||
| Long-term debt | $ | 78,000 | $ | 91,532 | ||||||||||||
| Owners equity | ||||||||||||||||
| Common stock and paid-in surplus | $ | 60,000 | $ | 60,000 | ||||||||||||
| Accumulated retained earnings | 204,346 | 223,468 | ||||||||||||||
| Fixed assets | ||||||||||||||||
| Net plant and equipment | $ | 333,695 | $ | 363,900 | Total | $ | 264,346 | $ | 283,468 | |||||||
| Total assets | $ | 397,901 | $ | 433,000 | Total liabilities and owners equity | $ | 397,901 | $ | 433,000 | |||||||
| SMOLIRA GOLF CORP. 2018 Income Statement | |||||||
| Sales | $ | 383,818 | |||||
| Cost of goods sold | 257,000 | ||||||
| Depreciation | 48,300 | ||||||
| Earnings before interest and taxes | $ | 78,518 | |||||
| Interest paid | 15,200 | ||||||
| Taxable income | $ | 63,318 | |||||
| Taxes (24%) | 15,196 | ||||||
| Net income | $ | 48,122 | |||||
| Dividends | $ | 29,000 | |||||
| Retained earnings | 19,122 | ||||||
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