Assets 2018 Current assets Cash Accounts receivable Inventory Total EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Liabilities and Owners' Equity 2017 2018 2017 Current liabilities $ 24,046 $ 24, 255 Accounts payable $ 23, 184 12,448 15,235 Notes payable 12,000 25,392 27,155 Other 11,571 $ 61,886 $ 66,645 Total $ 46,755 Long-term debt $ 80,000 Owners' equity $324,695 $365,734 Common stock and paid-in surplus $ 40,000 Retained earnings 219,826 Total $259,826 $386,581 $432,379 Total liabilities and owners' equity $386,581 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 Fixed assets Net plant and equipment $ 40,000 243, 606 $283, 606 $432,379 Total assets EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends $20,000 Additions to retained earnings 23,780 $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 643,780 Find the following financial ratios for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio b. Quick ratio C. Cash ratio 2017 1.32 times 0.78 times 0.51 times 2018 1.24 times 0.73 times 0.45 times times Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover times times 2017 2018 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times j. Times interest earned k. Cash coverage ratio times times X Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity