10 Some recent financial statements for Smolira Golf Corp. follow. 20 points Assets 2017 2018 Skipped Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 37,837 &nbsAccounts payable $ 36.722 27,766 Notes payable 19,008 42.632 Other 19,864 $ 34,385 17,801 $ 42.582 16,200 24.634 36,310 eBook Total $ 88,496 $108.235 Total $ 75,594 $ 83,416 Hint Long-term debt $115.000 $ 145,000 References $ 55,000 Owners' equity Common stock and paid-in $55.000 surplus Accumulated retained 307,217 earnings 344,452 Net plant and equipment $464,315 $ 519,633 Total $362.217 $399,452 Total assets $ 552,811 $627,868 Total liabilities and owners equity $ 552.811 $627,868 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid $506,454 359,328 44.463 $ 102,663 19.683 Taxable income Taxes (25%) $ 82.980 20,745 Net income $ 62,235 Dividends Retained earnings $25,000 37,235 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) 2017 2018 times Short-term solvency ratios a. Current ratio b. Quick ratio Cash ratio times times times times times times Asset utilization ratios: d. Total asset turnover e Inventory turnover f. Receivables turnover times times 2017 2018 Long-term solvency ratios: Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times times times Times interest earned k. Cash coverage ratio times times 96 Profitability ratios: L Profit margin m. Return on assets n. Return on equity 96