Answered step by step
Verified Expert Solution
Question
1 Approved Answer
SMOLIRA GOLF, INC Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabiliies and Owners Equity Current assets Current labilities
SMOLIRA GOLF, INC Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabiliies and Owners Equity Current assets Current labilities s 2,881 S 2,757 5,671 2208 2,710 Accounts payable Notes payable Acccunts receivable 4,712 1,805 101 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained eamings $43,500 43,500 Fixed assots Net plant and equipment Total assets $57,432 83,529 S77,723 $ Totbal Total liabilities and owners' equity 59209 S 83,415 $77.723 $105.629 SMOLIRA GOLF, INC 2016 Income Statement $189,570 127,303 Cost of goods sold 57,044 Intorost paid Taxable incomo 56,724 19,503 $ 36,221 Net income $12,015 24,206 Retained earnings Find the following financial raticS for Smolira Golf (use year-end ngures rather than average values where appropriate: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g, 32.16. Enter the profitability ratios as a percent.) 2015 2016 Short term solvency raios a. Current ratio b. Quick ratio c. Cash ratio times times Asset utlization ratios d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios g. Total dobt ratio h, Debt-equity ratio i. Equity multiplier i- Times interest earned ratio k. Cash covorage ratic times times times Profitability retios . Profit margin mReturn on assets n. Return on equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started