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Problem 3-26 Calculating Financial Ratios (LO2) Some recent financial statements for Smolira Golf Corporation follow. 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 $ 24,126 $ 24,900 Accounts payable 13,248 16,000 Notes payable 26,542 27,900 Other $ 23,984 $ 27,900 18,000 11,600 12,371 16,500 Total $ 63,916 $ 68,800 Total $ 54,355 $ 56,000 Long-term debt $ 77,000 $ 74,606 Owners' equity Common stock and paid-in surplus $ 50,000 $50,000 Accumulated retained earnings 215,256 250,394 Fixed assets Net plant and equipment $ 332,695 362,200 Total 265,256 300,394 Total assets $ 396,611 $ 431,000 Total liabilities and owners' equity $ 396,611 $ 431,000 SMOLIRA GOLF CORPORATION 2021 Income Statement SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation 392,907 256,500 48.400 Earnings before interest and taxes Interest pald $ 88,007 15,100 Taxable income Taxes (23%) $ 72,907 16,769 Net income $ 56,138 Dividends $ 21,000 Retained earnings 35,138 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.) Answer is complete and correct. 2020 2021 Short-term solvency ratios: a. Current ratio b. Quick ratio 1.18 times 123 times 0.69 times 0.73 times A. Answer is complete but not entirely correct. Asset utilization ratios: d. Total asset turnover 0.89 times e. Inventory turnover 9.42% times f. Receivables turnover 26.87 times Answer is complete but not entirely correct. Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio 1. Equity multiplier 2020 49.52 times 29.03 times times 2021 43.48 times 24.84 times 1.43 times 1.50 Answer is complete but not entirely correct. 5.83 1. Times Interest earned k. Cash coverage ratio timos times 1.38 Answer is not complete. 14.29 % Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity % %