10. 10,00 points value: Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2015 2014 2015 Current assets Crtlabilities Cash Accounts receivable Inventory $ 24,076 12,748 25,742 S 24,400 15,500 27,400 Accounts payable Notes payable Other $ 23,484 13,000 11,871 $ 27,400 11,100 17,500 Total 62,566 S 67,300 Total $ 48,355 $ 56,000 $72,000 84,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 45,000 224,906 $ 45,000 245,000 Fixed assets Net plant and equipment $327,695 $362,700 Total $269,906 $290,000 Total assets $390,261 $430,000 Total liabilities and owners' equity $390,261 $430,000 SMOLIRA GOLF CORP 2015 Income Statement Sales Cost of goods sold Depreciation $378,618 254,000 56,150 Earnings before interest and taxes Interest paid $68,468 14,600 Taxable income Taxes (20%) 53,868 10,774 Net income $ 43,094 Dividends Retained earnings $23,000 20,094