SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2018 2017 2017 2018 Current assets Cash $ 34,385 $ 37,837 $36.722 $ 42.582 Current liabilities Accounts payable Notes payable Other 19,008 17.801 Accounts receivable 27,766 16,200 Inventory 36.310 19.864 24.634 42.632 $108.235 Total $.88.496 Total $ 83.416 S. 75.594 S115.000 $145.000 $ 55.000 $ 55.000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 307.212 344,452 Fixed assets 464.315 519.633 Total S 362.217 $399.452 Net plant and equipment Total assets $552,811 5627,868 $ 552.811 $627.868 Total liabilities and owners' equity retained earnings 464.315 519,633 Total $262.217 $399.452 Net plant and equipment Total assets S552.811 $627,868 $ 552,811 $627,868 Total liabilities and owners' equity S 506,454 359,328 44.463 SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (25%) Net income Dividends $ 25,000 $ 102,663 19.683 $ 82.980 20.745 $ 62,235 Retained earnings 37.235 26. Calculating Financial Ratios [LO2] Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): Short-term solvency ratios: a. Current ratio. b. Quick ratio c. Cash ratio Asset utilization ratios: d. Total asset turnover. e. Inventory turnover f. Receivables turnover. Long-term solvency ratios: g. Total debt ratio. h. Debt-equity ratio. Page 89 i. Equity multiplier j. Times interest earned ratio. e. Cash ratio. Asset utilization ratios: d. Total asset turnover. e. Inventory turnover. f. Receivables turnover. Long-term solvency ratios: g. Total debt ratio. h. Debt-equity ratio. i. Equity multiplier. j. Times interest earned ratio. k. Cash coverage ratio. Profitability ratios: 1. Profit margin m. Return on assets. n. Return on equity