Part 4: Case Study Some recent financial statements for Smolira Golf Corp. follow. Use this information to work Problems 26 through 30. SMOLIRA GOLF 2008 and 2009 Balance Sheets Assets Liabilities and Owners' Equity 2008 2008 2009 Current liabilities Current assets Cash $21,860 $ 22,050 Accounts 11,316 13,850 Inventory 23,084 24,650 Total $56,260 $ 60,550 Fixed assets 234,068 260,525 $290,328 $321,075 receivable Net plant and equipment Total assets Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity SMOLIRA GOLF, Inc. 2009 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net Income Dividends Retained earnings $20,000 16,475 2009 $ 19,320 $22,850 10,000 9,000 9,643 11,385 $ 38,963 $ 43,235 $ 75,000 $ 85,000 $ 25,000 $25,000 151,365 167,840 $176,365 $192,840 $290,328 $321,075 $305,830 210,935 26,850 $ 68,045 11,930 $ 56,115 19,640 $36,475 Part 4: Case Study Some recent financial statements for Smolira Golf Corp. follow. Use this information to work Problems 26 through 30. SMOLIRA GOLF 2008 and 2009 Balance Sheets Assets Liabilities and Owners' Equity 2008 2008 2009 Current liabilities Current assets Cash $21,860 $ 22,050 Accounts 11,316 13,850 Inventory 23,084 24,650 Total $56,260 $ 60,550 Fixed assets 234,068 260,525 $290,328 $321,075 receivable Net plant and equipment Total assets Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity SMOLIRA GOLF, Inc. 2009 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net Income Dividends Retained earnings $20,000 16,475 2009 $ 19,320 $22,850 10,000 9,000 9,643 11,385 $ 38,963 $ 43,235 $ 75,000 $ 85,000 $ 25,000 $25,000 151,365 167,840 $176,365 $192,840 $290,328 $321,075 $305,830 210,935 26,850 $ 68,045 11,930 $ 56,115 19,640 $36,475