SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 5,298 $ 5,827 $ 3,754 $ 3,986 Accounts payable Notes payable Accounts receivable 7,707 8,477 3,045 3,318 Inventory 12,150 21,956 Other 152 179 Total $25,155 $ 6,951 $ 7,483 $24,700 $ 16,000 $ 36,260 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $40,000 $ 37,000 Fixed assets 28,805 55,189 $75,301 $ 79,412 Total $68,805 $ 92,189 Net plant and equipment Total assets $100,456 $115,672 Total liabilities and owners' equity $100,456 $115,672 SMOLIRA GOLF, INC. 2019 Income Statement Sales $229,854 Cost of goods sold 184,317 Depreciation 8,730 EBIT $ 36,807 Interest paid 1,811 Taxable income $ 34,996 Taxes 7,349 Net income $ 27,647 Dividends $16,000 Additions to retained earnings 11,647 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 blank b. Quick ratio blank c. Cash ratio blank Asset utilization ratios d. Total asset turnover blank e. Inventory turnover blank f. Receivables turnover blank Long-term solvency ratios g. Total debt ratio blank blank blank h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios blank blank I. Profit margin blank m. Return on assets blank n. Return on equity blank