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# 11 Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC Balance Sheets as of December 31, 2015 and 2016 2015 2016
# 11
Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Liabilities and Owners Equity Current assets Current liabilities $ 3,151 3,207 5,761 Accounts payable Notes payable $ 2,163 2,620 2,136 4,757 1.760 20.426$22.730 4015 3 4865 Total $13,200 $15,960 Long-term debt Owners' equity Common stock and paid-in surplus $39,000 39,000 15,664 54,664 Foxed assets Accumulated retained earnings Net plant and equipment Total assets $51.453 $76.353 $71,879 Total 99,083 Toaabilities and owners' equity $71,879 $99.083 SMOLIRA GOLF, INC. 2016 Income Statement Sales Cost of goods sold $187,770 126,403 56,054 1.410 54,644 19,125 $ 35,519 Interest paid Taxable income Net income $11,925 23,594 Retained earnings Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio times times Asset utilization ratios d. Total asset tumover e. Inventory turnover f. Receivables turnover times times Long-term solvency ratios g. Total debt ratio h. Debt-equity ratico L Equity multiplier times times times times Times interest earned ratio k. Cash coverage ratio L Profit margin m.Return on assets n. Return on equity Profitability ratiosStep by Step Solution
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