es Problem 3-26 Calculating Financial Ratios [LO2] Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets 2020 Cash $ 23,086 $ 25,500 Accounts receivable Inventory 13,848 27,362 16,600 28,500 Other Total $ 64,296 $ 70,600 Total SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 2020 2021 $ 24,584 $28,500 15,000 12,200 12,971 18,300 $52,555 $59,000 Long-term debt $ 55,000 $ 49,383 Owners' equity Common stock and paid-in surplus $ 52,000 $ 52,000 Accumulated retained earnings 243,436 274,617 Fixed assets Net plant and equipment $338,695 $ 364,400 Total $295,436 $ 326,617 $ $ Total assets $ 402,991 Total liabilities and owners' equity $ 402,991 435,000 435,000 SMOLIRA GOLF CORPORATION Sales Cost of goods sold Depreciation 2021 Income Statement $ 359,607 235,900 35,400 Earnings before interest and $88,307 taxes Interest paid 15,700 Taxable income Taxes (24%) Net income $72,607 17,426 $ 55,181