SMOLIRA GOLF CORP. 2011 and 2012 Balance Sheets Assets Llabilities and Owners' Equity 2011 2012 2011 2012 Current liabilities $24,046 $ 24,255 Accounts payable $ 23,184 $ 27,420 Current assets Cash Accounts receivable Inventory Total 12,448 25,392 $61,886 15.235 27,155 $ 66,645 12,000 10,800 11,571 15,553 $ 46,755 $ 53,773 $ 80,000 $ 95,000 Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 40,000 $ 40,000 219,826 243,606 Fixed assets Net plant and equipment 324,695 365,734 $259,826 $283,606 Total Total liabilities and owners' equity Total assets $386,581 $432.379 $386,581 $432.379 SMOLIRA GOLF CORP. 2012 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Nel income Dividends Rataned earnings $366.996 253.122 32.220 $ 81.654 14,300 $ 67,354 23,574 $43.780 $20.000 23.780 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio Equity multiplier j. Times interest earned ratio k. Cash coverage ratio