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Please answer all the questions a-n. Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities
Please answer all the questions a-n.
Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 24,584 28,500 12,200 18,300 Cash Accounts $ 23,086 $25,500 16,600 28,500 $64,296 $ 70,600 Accounts payable Notes payable Other 13,848 27,362 15,000 receivable Inventory 12,971 Total 52,555 $59,000 Total Long-term debt Owners' equity 55,000 $49,383 Common stock and paid-in 52,000 52,000 274,617 $295,436 326,617 surplus Accumulated retained 243,436 earnings Fixed assets Net plant and $338,695 $364,400Total equipment Total liabilities and owners' equity Total assets $402,991 $435,000 402,991 $435,000 SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold Depreciation $359,607 235,900 35,400 Earigs before interest $88,307 and taxes Interest paid 15,700 $72,607 17,426 Taxable income Taxes (24%) Net income $ 55,181 Dividends Retained earnings $24,000 31,181 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your profitability ratio answers as a percent rounded to 2 decimal places, e.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 32.16.) Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio 2017 2018 1.22 times 0.70 times 0.44 times 1.20 times 0.71 times 0.43 times Asset utilization ratios: 0.83 times times times d. Total asset turnover e. Inventory turnover f. Receivables turnover 2018 Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2017 times times times times times times j. Times interest earned k. Cash coverage ratio times times Profitability ratios I. Profit margin m. Return on assets n. Return on equityStep by Step Solution
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