SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 23,076 $ 25,400 16,500 28,400 $64,076 $70,300 Cash Accounts $ 24,484 $ 28,400 12,100 17,500 $51,355 $58,000 82,000 $ 91,741 Accounts payable Notes payable Other 13,748 14,000 receivable Inventory 27,252 12,871 Total Total Long-term debt Owners' equity Common stock and paid-in $ 45,000 $45,000 surplus Accumulated retained 223,416 239,659 earnings Fixed assets Net plant and $337,695 $364,100 Total 268,416 $284,659 equipment Total liabilities and owners Total assets $ 401,771 $434,400 $ 401,771 $434,400 SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold Depreciation $352,549 229,000 41,400 Earnings before interest $ 82,149 15,600 and taxes Interest paid Taxable income Taxes (23%) $ 66,549 15,306 Net income $51,243 Dividends Retained earning:s $35,000 16,243 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 Asset utilization ratios: Total asset turnover Inventory turnover Receivables turnover 0.81 times times times 2018 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2017 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