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Problem 3-26 Calculating Financial Ratios (LO2) Some recent financial statements for Smolira Golf Corporation follow SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 24,126 $ 24,900 Accounts payable $ 23,984 $ 27,900 Accounts recevable 13,248 16,000 Notes.payable 18,000 11,600 Inventory 26,542 27,900 Other 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 Total 362,200 265,256 300,394 Total assets $ 396,611 $ 431000 Total liabilities and owners' equity $ 396,611 431,000 SMOURA GOLF CORPORATION SMOLIRA GOLF CORPORATION 2021 Income Statement $ 392,907 256,500 48,400 Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid $ 88,007 15,100 Taxable income Taxes (23%) $ 72,907 16,769 Net income $ 56,138 Dividends Retained earnings $ 21,000 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 but not entirely correct. Asset utilization ratios: d. Total asset turnover 0.95 times e. Inventory turnover 14.43 times 1. Receivables turnover 26.87 times Answer is complete but not entirely correct. Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2020 0.50 times 14.23 times 1.50 times 2021 0.43 times 24.84 % times 1.43 times Answer is complete but not entirely correct. J. Times interest eamed k. Cash coverage ratio 5.83 times 1.38 times Answer is complete but not entirely correct. Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity 14.29% 0.13 X % 0.19 % %