Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,700 Accounts payable $ 23,784 15,800 Notes payable 16,000 27,700 Other 12,171 $ 24,106 13,048 26,342 $ 27,700 11,400 15,900 Total $ 63,496 $ 68,200 Total $ 51,955 $ 55,000 Long-term debt $ 75,000 $ 82,959 $ 45,000 $ 45,000 Owners' equity Common stock and paid in surplus Accumulated retained earnings 222,236 249,041 Fixed assets Net plant and equipment $330,695 $363,800 Total $ 267,236 $ 294,041 $ 394,191 $432,000 Total assets Total liabilities and owners equity $432,000 $ 394,191 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 367,234 235,500 38,600 Earnings before interest and taxes Interest paid $ 93,134 14,900 Taxable income Taxes (21%) $ 78,234 16,429 Net income $ 61,805 Dividends Retained earnings $35,000 26,805 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your 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.) 2017 2018 a. Short-term solvency ratios: Current ratio Quick ratio times times b. times times C. Cash ratio times times d. Asset utilization ratios: Total asset turnover Inventory turnover Receivables turnover times times e. f. times 2017 2018 2018 times times Long-term solvency ratios: Total debt ratio Debt-equity ratio Equity multiplier times times times times Times interest earned times Cash coverage ratio times Profitability ratios: Profit margin 1. % m. Return on assets % n. Return on equity %