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 $ 2,791 $ 2,607 Accounts payable $ 2,223 $ 2,740 Accounts receivable 4,697 5,641 Notes payable 1,820 2,256 Inventory 12,758 13,642 Other 104 121 Total $20,246 $21,890 Total $ 4,147 $ 5,117 $ 14,700 $ 17,460 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $45,000 $ 45,000 Fixed assets 15,724 40,134 Net plant and equipment $59,325 $85,821 Total $ 60,724 $ 85,134 Total assets $ 79,571 $ 107,711 Total liabilities and owners' equity $ 79,571 $ 107,711 SMOLIRA GOLF, INC. 2019 Income Statement Sales $190,170 127,603 Cost of goods sold Depreciation 5,193 EBIT Interest paid $ 57,374 1,290 Taxable income Taxes $56,084 19,629 Net income $36,455 Dividends Retained earnings $ 12,045 24,410 e. Inventory turnover times f. Receivables turnover times Long-term solvency ratios g. Total debt ratio times times times times times times times h. Debt-equity ratio i. Equity multiplier Ej. Times interest earned ratio k. Cash coverage ratio Profitability ratios 1. Profit margin m. Return on assets times % % n. Return on equity %