Assets 2017 2018 Current assets Cash Accounts eceivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,900 Accounts payable $ 23,984 16,000 Notes payable 18,000 27,900 Other 12,371 $ 24,126 13,248 26,542 $ 27,900 11,600 16,500 Total $ 63,916 $ 68,800 Total $ 54,355 $ 56,000 Long-term debt $ 77,000 74,606 $ 50,000 $ 50,000 Owners' equity Common stock and paid in surplus 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 CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $392,907 256,500 48,400 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 hort-term solvency ratios Current ratio Quick ratio Cash ratio 2017 1 18 times times times 2018 1.23 times times times hort-term solvency ratios Current ratio Quick ratio Cash ratio 2017 1 18 times times times 2018 1.23 times times times d Asset utilization ratios: Total asset turnover Inventory turnover Receivables turnover e times times times 2017 2018 Long-term solvency ratios: 9 Total debt ratio h Debt-equity ratio i Equity multiplier times times times Times interest earned Cash coverage ratio times K. times Profitability ratios: 1 Profit margin m. Return on assets n. Return on equity % % %