2. Calculating Financial Ratios [LO2] Find the following financial ratios for Smolira Golf Corp. for 2018 (year-end figures reflect average values where appropriate): Assets Current assets Cash Accounts receivable Inventory Total SMOLIRA GOLF CORP. 2018 Balance Sheets Liabilities and Owners' Equity 2018 2018 Current liabilities $ 37,837 Accounts payable $ 42,582 27,766 Notes payable 16,200 42.632 Other 24 634 108,235 Total 83,416 145,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Equity Total liabilities and owners' equity 55,000 344, 452 399,452 Net plant and equipment Total assets 519.633 $627,868 $627,868 SMOLIRA GOLF CORP. 2018 Income Statement $506,454 359,328 44.463 Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (25%) Net income 102,663 19.683 82,980 20.745 $ 62.235 Dividends Retained earnings $25,000 $37.235 Short-term solvency ratios: 1. Current ratio 2. Quick ratio Asset utilization ratios: 1. Inventory turnover 2. Receivables turnover Long-term solvency ratios: 1. Total debt ratio 2. Times interest earned ratio Profitability ratios: 1. Profit margin 2. Return on assets 3. Return on equity