Problem 3-26 Calculating Financial Ratios [LO2] Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners Equity 2014 2014 2015 Current assets Current liabilities Cash Accounts receivable S 24,106 13,048 26,342 S 24,700 15,800 27,700 Accounts payable Notes payable S 23,784 16,000 12,171 S 27,700 11.400 15,900 Total S 63,496 S 68,200 Total S 51.955 S 55,000 Long-term debt Owners' equity S 75,000 S 90,000 Common stock and paid-in surplus 45,000 222,236 S 45,000 242,000 Fixed assets Net plant and equipment 330,6 Total assets Accumulated retained eamings Tota Total liabilities and owners' equity 5 S 363,800 S267,236 S287,000 394,191 432,000 S394.191 $432,000 SMOLIRA GOLF CORP 2015 Income Statement Cost of goods sold Depreciation S367,234 235,500 38,600 Earnings before interest and taxes Interest paid 5 93,134 14,900 Taxable income Taxes (30%) 5 78,234 23,470 Net income 5 54,764 35,000 19,764 Retained earnings 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. 2014 2015 a. Current ratio b. Quick ratio c. Cash ratio times times Asset utilization d. Total asset tumover e. Inventory turnover f. Receivables tumover times Long-term sovency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2014 2015 times i. Times interest earned k. Cash coverage ratio I. Profit margin m. Retum on assets n. Retum on equity