B. Some recent financial statements for Smolira Golf Corp. follow. 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 $ 25,000 Accounts payable $ 24,084 16.100 Notes payable 19,000 28,000 Other 12,471 $ 24,136 13,348 26,722 $ 28,000 11,700 18,300 Total $ 64,206 $ 69,100 Total $ 55,555 $ 58,000 Long-term debt $ 78,000 $ 91,532 $ 60,000 Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 60,000 204,346 223,468 Fixed assets Net plant and equipment $333,695 $363,900 Total $264,346 $283,468 B. Net plant and equipment $333,695 $363,900 Total $264,346 $283,468 Total assets $ 397,901 $433,000 Total liabilities and owners' equity $ 397,901 $433,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 383,818 257,000 48,300 Earnings before interest and taxes Interest paid $ 78,518 15,200 Taxable income Taxes (24%) $ 63,318 15,196 Net income $ 48,122 Dividends Retained earnings $29,000 19,122 TIT 8 10 points Answer is not complete. 2017 2018 Long-term solvency ratios: 9 Total debt ratio h Debt-equity ratio i. Equity multiplier times times times times times times 1 Times Interest eamed Cash coverage ratio times times k. 8 times j. Times interest eamed k Cash coverage ratio times 10 points Answer is not complete. 1. % Profitability ratios: Profit margin Return on assets Return on equity % h. %