SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners' Equity Current assets Current liabilities $4,607 4,910 Accounts payable Notes payable $3,4133,846 Cash 6,702 8,149 Accounts receivable 2,768 3,416 9,350 Other 165 138 Inventory 7,357 $28,666 32,409 6,319 7,427 Total Total $22,500 $19,000 Long-term debt Owners' equity Common stock and paid-in surplus $38,000 38,000 44,792 Fixed assets 20,5354 Accumulated retained earnings $58,535 82.792 Net plant and equipment 58,688 87.354 $109,219 Total liabilities and owners' equity 76,810 Total Total assets 87.354 $109.219 SMOLIRA GOLF, INC. 2016 Income Statement $205,227 Sales 138,383 Cost of goods sold 5,910 $60,934 EBIT Interest paid 1,617 Taxable income 59,317 Taxes 20,760 Net income $ 38,557 $14,300 Dividends Additions to retained earnings 24,257 35. Calculating Financial Ratios. Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Short-term solvency ratios a. Current ratio LO 2 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 Equity multiplier j. Cash coverage ratio i. Times interest earned ratio k. Profitability ratios . Profit margin Return on assets m. Return on equity n