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SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold $357,290 241,600 32,400 Depreciation Earnings before interest Interest paid Taxable income 83,290 16,000 and
SMOLIRA GOLF CORP 2018 Income Statement Sales Cost of goods sold $357,290 241,600 32,400 Depreciation Earnings before interest Interest paid Taxable income 83,290 16,000 and taxes 67,290 14,804 Taxes (22%) Net income $ 52,486 Dividends Retained earnings $27,000 25,486 SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities 24,216 25,800 16,900 28,800 $66,086 $71,500 24,884 28,800 12,500 16,700 $ 56,155 $58,000 $86,000 $84,888 Cash Accounts Accounts payable Notes payable Other 14.148 18,000 eceivable Inventory 27,722 13,271 Total Long-term debt Owners' equity Total Common stock and paid-in s 50.00o 50,000 surplus earnings Total Accumulated retained 215,626 241.112 Fixed assets Net plant and quipment $341,695 $362,500 $265,626 $ 291,112 407781 $434.000 Total liabilities and owners $407,781 $434,000 Total assets equity e. Inventory turnover f. Receivables turnover times times Long-term solvency ratios g. otal debt ratio h. Debt-equity ratio i. Equity multiplier 2017 2018 times times times imes imes imes j. Times interest earned k. Cash coverage ratio times times Profitability ratios I. Profit margin m. Return on assets n. Return on equity
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