SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 34,385 $ 37,837 $36,722 $ 42.582 Accounts receivable Accounts payable Notes payable 17,801 27,766 19,008 16,200 Inventory 36,310 42.632 Other 19.864 24.634 Total $ 88.496 S108.235 Total $ 75,594 $ 83,416 $115.000 $145.000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,000 $ 55,000 Fixed assets 307.217 344.452 Net plant and equipment 464.315 519.633 Total S.362.212 $399,452 Total assets $552.811 5627.868 Total liabilities and owners' equity S 552,811 $627,868 SMOLIRA GOLF CORP. 2018 Income Statement Sales $ 506,454 Cost of goods sold 359,328 Depreciation 44,463 Earnings before interest and taxes $ 102,663 Interest paid 19,683 Taxable income $ 82,980 Taxes (25%) 20,745 Net income $ 62,235 Dividends $ 25,000 Retained earnings 37,235 Asset utilization ratios: d. Total asset turnover e. Inventory turnover. 1. Receivables turnover