Current assets Cash Accounts receivable Inventory Total Assets Sales Cost of goods sold Depreciation SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 Fixed assets Net plant and equipment $49,749 $74,097 Total assets $70,215 $97,107 EBIT Interest paid Taxable income $3,251 $3,407 4,777 5,801 12,438 13,802 $20,466 $23,010 SMOLIRA GOLF, INC. 2016 Income Statement $186,970 126,003 5,353 $ 55,614 1,450 $ 54,164 2015 Liabilities and Owners' Equity Current liabilities 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 $ 2,143 1,740 88 $3,971 $13,600 $37,000 15,644 $52,644 $70,215 2016 $ 2,580 2,096 105 $4,781 $16,360 $37,000 38,966 $75,966 $97,107

Current assets Cash Accounts receivable Inventory Total Assets Sales Cost of goods sold Depreciation SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 Fixed assets Net plant and equipment $49,749 $74,097 Total assets $70,215 $97,107 EBIT Interest paid Taxable income $3,251 $3,407 4,777 5,801 12,438 13,802 $20,466 $23,010 SMOLIRA GOLF, INC. 2016 Income Statement $186,970 126,003 5,353 $ 55,614 1,450 $ 54,164 2015 Liabilities and Owners' Equity Current liabilities 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 $ 2,143 1,740 88 $3,971 $13,600 $37,000 15,644 $52,644 $70,215 2016 $ 2,580 2,096 105 $4,781 $16,360 $37,000 38,966 $75,966 $97,107

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Description: esCurrent assetsCashAccounts receivableInventoryTotalAssetsSalesCost of goods soldDepreciationFixed assetsNet plant and equipment $49,749 $74,097Total assets$70,215$97,107EBITInterest paidTaxable incomeTaxesSMOLIRA GOLF, INC.Balance Sheets as of Dec

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.10E

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