Homework 23 21 Cash Accounts receivable Inventory Total $ 3,231 4,772 12,458 $29,461 Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2921 and 2922 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Total Long-term debt 2922 2921 $ 3,357 5,791 13,792 $ 22,940 $ 2,148 1,745 29 $ 3,982 $ 13,500 Owners' equity Fixed assets Het plant and equipment $ 58,170 $ 74,661 Common stock and paid-in surplus Accumulated retained earnings Total $ 37,500 15, 649 $ 53,149 2922 $ 2,590 2,106 106 $ 4,892 $ 16,260 $ 37,500 39,039 Total assets $ 70,631 $ 97,601 Total liabilities and owners' equity $ 79,631 $ 76,539 $ 97,601 MOLIRA GOLF, INCORPORATED 2022 Income Statement Sales $187,170 Depreciation Cost of goods sold EBIT Interest paid Taxable income Taxes Net income 126,103 5,343 $55,724 1,440 $ 54,284 18,999 $ 35,285 Dividends Retained earnings $ 11,895 23, 390 Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Note: Do not round intermediate calculations and round your answers to 2 decimal places, eg, 32.16. Enter the profitability ratios as a percent. 2021 2022 Short-term solvency ratios a. Current ratio 5.14 times 4.78 times b. Quick ratio 2.01 times 1.91 times c. Cash ratio 0.81 times 0.70 times Asset utilization ratios d. Total asset tumover e. Inventory tumover f. Receivables tumover 1.92 times times times Long-term solvency ratios g. Total debt ratio times times h. Debt-equity ratio times times Equity multiplier times times j. Times interest eamed times ratio k. Cash coverage ratio times Profitability ratios 1. Profit margin m. Retum on assets n. Retum on equity % % Saved