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 $ 24,600 Accounts payable $ 23,684 15,700 Notes payable 14,000 27,600 Other 12,071 $ 24,096 12,948 26,242 $ 63,286 $ 27,600 11,300 18,100 Total $ 67,900 Total $ 49,755 $ 57,000 Long-term debt $ 74,000 $ 70,557 $48.000 $ 48,000 Owners' equity Common stock and pald-in surplus Accumulated retained earnings 221,226 253,444 Fixed assets Net plant and equipment $329,695 $ 361,100 Total $269,226 $ 301,444 Total assets $392,981 $429,000 Total liabilities and owners' equity $ 392,981 $429,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 414,290 265,500 57,700 $ 91,090 Earnings before Interest and taxes Interest pald 14,800 Taxable income Taxes (25%) $ 76,290 19,073 Net Income $ 57,218 Dividends Retained earnings $25,000 32,218 GJILI Umover 0.97 ilmes e times Inventory turnover Receivables turnover times 2017 2018 times Long-term solvency ratios: 9. Total debt ratio h. Debt-equity ratio i Equity multiplier times times Times interest earned Cash coverage ratio k