Problem 3-26 Calculating Financial Ratios (LO2] Some recent financial statements for Smolira Golf Corp. follow. Assets 2014 2015 Current assets Cash Accounts receivable Inventory $ 23,996 SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2015 2014 Current liabilities $ 25,600 Accounts payable $ 24,684 16,700 Notes payable 16,000 28,600 Other 13,071 $ 28,600 12,300 13,948 27,462 19,100 Total $ 65,406 $ 70,900 Total $ 53,755 $ 60,000 $ 84,000 $ 89,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 60,000 $ 60,000 207,346 223,000 Fixed assets Net plant and equipment $339,695 $ 361,100 Total $267,346 $283,000 Total assets $ 405,101 $432,000 Total liabilities and owners equity $ 405,101 $432,000 SMOLIRA GOLF CORP. 2015 Income Statement Sales Cost of goods sold Depreciation $ 376,068 260,000 49,450 $ 66,618 Earnings before interest and taxes Interest paid 15,800 Taxable income Taxes (20%) $ 50,818 10,164 Net income $ 40,654 Dividends Retained earnings $25,000 15,654 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.) 2014 2015 Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio times times times times times times Asset utilization ratios: d. Total asset turnover e. Inventory turnover Receivables f. turnover times times times 2014 2015 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times times times times Times interest earned Cash coverage k. 'ratio times Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity % % %