Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Some of the filled in ones are correct but not all. Need all answered. Some recent financial statements for Smolira Golf Corp. follow. Assets 2014
Some of the filled in ones are correct but not all. Need all answered.
Some recent financial statements for Smolira Golf Corp. follow. Assets 2014 SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2015 2014 2015 Current liabilities $ 25,300 Accounts payable $ 24,384 $ 28,300 16,400 Notes payable 14,000 12,000 28,300 Other 12,771 19,700 Current assets Cash Accounts receivable Inventory $ 23,066 13,648 27,152 Total $ 63,866 $ 70,000 Total $ 51,155 $ 60,000 $ 81,000 $ 90,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 55,000 $ 55,000 213,406 229,000 Fixed assets Net plant and equipment $336,695 $364,000 Total $268,406 $284,000 Total assets $ 400,561 $434,000 Total liabilities and owners' equity $ 400,561 $434,000 SMOLIRA GOLF CORP. 2015 Income Statement Sales $333,706 Cost of goods sold 215,200 Depreciation 49,300 Earnings before interest and taxes Interest paid $ 69,206 15,500 Taxable income Taxes (30%) $ 53,706 16,112 Net income $ 37,594 Dividends Retained earnings $22,000 15,594 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter the profitability ratios as a percent rounded to 2 decimal places, e.g., 32.16. Enter the remaining ratios as decimals rounded to 2 digits, e.g., 0.32) 2014 2015 Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio 1.25 times 0.72 times 0.45 times 1.17 times 0.70 times 0.42 times 0.77 times Asset utilization ratios: Total asset ditu turnover Inventory turnover Receivables f. turnover e. 11.79 times 20.35 times 2014 2015 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 0.33 times 0.30 times 1.49 times 0.35 times 0.32 times 1.53 times 4.46 times Times interest j. earned Cash coverage keratio times Profitability ratios (enter as percentages): 1. Profit margin 11.27% Return on m. % assets Return on % 'equity QUE nStep 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