Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Help Asap Thanks! :) Some recent financial statements for Smolira Golf Corporation follow. 2020 2021 Assets Current assets Cash Accounts receivable Inventory SMOLIRA GOLF

image text in transcribedimage text in transcribedimage text in transcribed

Please Help Asap Thanks! :)

Some recent financial statements for Smolira Golf Corporation follow. 2020 2021 Assets Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 23,066 $ 25,300 Accounts payable 13,648 16,400 Notes payable 27.152 28,300 Other $ 24,384 $ 28,300 14,000 12,000 12,771 19,700 Total $ 63,866 $ 70,000 Total $ 51,155 $ 60,000 Long-term debt $ 81,000 $ 85,703 Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Accumulated retained earnings 213,406 233,297 Fixed assets Net plant and equipment $ 336,695 $ 364,000 Total $ $ 268,406 288,297 Total assets $ 400,561 $ 434,000 Total liabilities and owners' equity $ 400,561 $ 434,000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales $ 333,706 215 200 Cost of oods sold SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation $ 333,706 215,200 49,300 $ 69,206 Earnings before interest and taxes Interest paid 15,500 Taxable income Taxes (22%) $ 53,706 11,815 Net income $ 41,891 Dividends Retained earnings $ 22,000 19,891 Find the following financial ratios for Smolira Golf Corporation (use year-end figures rather than average values where appropriate): (Enter the 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.) 2021 Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio 2020 times times times times times times Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover 0.83 times times times 2020 2021 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 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 equity % % %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Raising Venture Capital

Authors: Rupert Pearce, Simon Barnes

1st Edition

ISBN: 0470027576, 978-0470027578

More Books

Students also viewed these Finance questions

Question

What is the role of bias?

Answered: 1 week ago