EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Assets } & \multicolumn{3}{|c|}{ Liabilities and Owners' Equity } \\ \hline & 2017 & 2018 & & 2017 & 2018 \\ \hline Current assets & & & Current liabilities & & \\ \hline Cash & \$ 24,046 & $24,255 & Accounts payable & $23,184 & $27,420 \\ \hline Accounts receivable & 12,448 & 15,235 & Notes payable & 12,000 & 10,800 \\ \hline Inventory & 25,392 & 27,155 & Other & 11,571 & 15,553 \\ \hline Total & $61,886 & $66,645 & Total & $46,755 & $53,773 \\ \hline Fixed assets & & & Long-term debt & $80,000 & $95,000 \\ \hline \multirow[t]{3}{*}{ Net plant and equipment } & $324,695 & $365,734 & Owners' equity Common stock and paid-in surplus & $40,000 & $40,000 \\ \hline & & & Retained earnings & 219,826 & 243,606 \\ \hline & & & Total & $259,826 & $283,606 \\ \hline Total assets & $386,581 & $432,379 & Total liabilities and owners' equity & $386,581 & $432,379 \\ \hline \end{tabular} EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income \begin{tabular}{|c|c|c|} \hline Sales & & $366,996 \\ \hline Cost of goods sold & & 253,122 \\ \hline Depreciation & & 32,220 \\ \hline Earnings before interest and tax & & $1,654 \\ \hline Interest paid & & 14,300 \\ \hline Taxable income & & $67,354 \\ \hline Taxes (35%) & & 23,574 \\ \hline Net Income & & $43,780 \\ \hline Dividends & $20,000 & \\ \hline Additions to retained earnings & 23,780 & \\ \hline \end{tabular} 27. Calculating Financial Ratios (LO3) Find the following financial ratios for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios d. Total asset turnover e. Inventory turnover f. Receivables turnover Page 108 Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios l. Profit margin m. Return on assets n. Return on equity DuPont Identity (LO4) Construct the DuPont identity for Earl Grey Golf Corp