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 $ 25,100 Accounts payable $ 24,184 16,200 Notes payable 20,000 28,100 Other 12,571 $ 23,046 13,448 26,822 $ 28,100 11,800 19,100 Total $ 63,316 $ 69,400 Total $ 56,755 $ 59,000 Long-term debt $ 79,000 $ 83,424 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 48,000 $ 48,000 214,256 243,576 Fixed assets Net plant and equipment $334,695 $364,600 Total $262,256 $ 291,576 Total assets $ 398,011 $434,000 Total liabilities and owners' equity $ 398,011 $434,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $349,760 241,500 27,200 Earnings before interest and taxes Interest paid $ 81,060 15,300 Taxable income Taxes (25%) $ 65,760 16,440 Net income $ 49,320 Dividends Retained earnings $20,000 29,320 Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover 0.86 times times times 2017 2018 times Long-term solvency ratios: g. Total debt ratio n. Debt-equity ratio Equity multiplier times times times times times i. j. k. Times interest earned Cash coverage ratio times times % Profitability ratios: L Profit margin m. Return on assets Return on equity % n. %