2019 SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 5,298 5,827 Accounts payable $ 3,754 Accounts receivable 7,707 8,477 Notes payable 3.045 Inventory 12,150 21.956 Other 152 Total $ 25,155 $36,260 Total $ 6,951 Long-term debt $ 24,700 Owners' equity Common stock and paid-in surplus $40.000 Fixed assets Accumulated retained earnings 28.805 Net plant and equipment $ 75,301 $ 79,412 Total $ 68.805 Total assets $100,456 $115.672 Total liabilities and owners equity $100.456 $ 3.986 3,318 179 $ 7.483 $ 16,000 $ 37,000 55.189 $ 92,189 $115.672 SMOLIRA GOLF, INC 2019 Income Statement Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes Net income Dividends $16.000 Addition to retained earnings 11,647 $229,854 184,317 8.730 $ 36,807 1.811 $ 34,996 7.349 $ 27.647 LO 2 35. Calculating Financial Ratios Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate); Short-term solvency ratios a. Current ratio 8. Quick ratio Cash ratio Asset utilization ratios d. Total asset turnover & Inventory turnover Receivables turnover Long-term solvency ratios & Total debt ratio h Debt-equity ratio Equity multiplier | Times interest earned ratio k Cash coverage ratio Profitability ratios 1. Profit margin m. Return on assets n. Return on equity