Some recent financial statements for Earl Grey Golf Corp. follow. EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets 2017 2018 Liabilities and Owners' Equity 2017 2018 Current assets Current liabilities Cash Accounts receivable Inventory Total $ 24,046 12,448 25,392 $ 61,886 $ 24,255 15,235 27,155 $ 66,645 Accounts payable Notes payable Other Total $ 46,755 $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 $ 53,773 Long-term debt $ 80,000 $ 95,000 Fixed assets Owners' equity Net plant and equipment $324,695 $365,734 Common stock and paid-in surplus $ 40,000 Retained earnings Total Total assets $386,581 $432,379 Total liabilities and owners' equity $ 40,000 219,826 243,606 $259,826 $283,606 $386,581 $432,379 EARL GREY GOLF CORP. 2018 Statement of Comprehensive Income Sales Cost of goods sold Depreciation Earnings before interest and tax Interest paid Taxable income Taxes (35%) Net income Dividends Additions to retained earnings $20,000 23,780 $366,996 253,122 32,220 $ 81,654 14,300 $ 67,354 23,574 $ 43,780 Find the following financial ratios for Earl Grey Golf Corp. (use year-end figures rather than average values where appropriate): (Round the final answers to 2 decimal places.) Short-term solvency ratios: a. Current ratio 2017 2018 1.24 times 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 i. Equity multiplier j. Times interest earned k. Cash coverage ratio Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity 1.32 times 0.78 times 0.73 times 0.51 times 0.45 times 0.85 times 9.32 times 24.09 times 2017 2018 0.33 tines 0.34 times 0.49 tines 0.52 times 1.49 1.52 5.71 times 7.96 times 12 % *