2020 2021 Assets Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 24,116 $ 24,800 Accounts payable 13,148 15,900 Notes payable 26,392 27,800 Other $ 23,884 $ 27,800 17,000 11,500 12,271 15,700 Total $ 63,656 $ 68,500 Total $ 53,155 $ 55,000 Long-term debt $ 76,000 $80,259 Owners' equity Common stock and paid-in surplus $ 40,000 $ 40,000 Accumulated retained earnings 226,196 258,741 Fixed assets Net plant and equipment $331,695 Total $ 266,196 $ 298,741 365,500 Total assets $ 395,351 $ 434.000 Total liabilities and owners' equity $395,351 434,000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 396,340 256,000 49,000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 396,340 256,000 49,000 Earnings before interest and taxes Interest paid $ 91,340 15,000 Taxable income Taxes (22%) $ 76,340 16,795 Net Income $ 59,545 Dividends Retained earnings $ 27,000 32,545 Find the following financial ratios for Smolira Golf Corporation (use year-end figures rather than average values where appropriate): (Enter the profitability ratio answers as a percent rounded to 2 decimal places, e.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 32.16.) Asset utilization ratios: times d. Total asset turnover e. Inventory turnover f. Receivables turnover times times Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2020 times times 2021 times times times times 1. Times interest earned k. Cash coverage ratio times times Profitability ratios: 1. Profit margin % m. Retum on assets % n. Return on equity