SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 $ 24,136 25,000 13,348 26,722 2018 2017 2018 Current assets Current liabilities $ 24,136 $ 24,084 28,000 11,700 18,300 $55,555 $ 58,000 $ 78,000$ 91,532 Cash Accounts Accounts payable Notes payable Other 19,000 16,100 28,000 $ 64,206$ 69,100 receivable Inventory 12,471 Total Long-term debt Owners' equity Common stock and paid-in 60,000 60,000 surplus earnings Total Accumulated retained 204,346 223,468 Fixed assets Net plant and $333,695 $363,900 $264,346 $283,468 equipment Total liabilities and owners" equity Total assets $ 397,901 $433,000 $ 397,901 $433,000 SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold Depreciation $ 383,818 257,000 48,300 Earnings before interest $ 78,518 and taxes Interest paid 15,200 Taxable income Taxes (24%) $ 63,318 15,196 Net income $ 48,122 Dividends Retained earnings $29,000 19,122 2017 Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio 2018 times times times times times times Asset utilization ratios: d. otal asset turnover e. Inventory turnover f. Receivables turnover times times times 2017 2018 Long-term solvency ratios: g. Total debt ratio ebt-equity ratio Equity multiplier times times times times times times j. Times interest earned k. Cash coverage ratio times times Profitability ratios: I. Profit margin m. Return on assets n. Return on equity 0 0. 0 0 0