Some recent financial statements for Earl Grey Golf Corp. follow. 2018 EARL GREY GOLF CORP. 2017 and 2018 Statement of Financial Position Assets Liabilities and Owners' Equity 2017 2018 2017 Current assets Current liabilities Cash $ 24,046 $ 24, 255 Accounts payable $ 23, 184 Accounts receivable 12,448 15, 235 Notes payable 12,000 Inventory 25,392 27,155 Other Total $ 61,886 $ 66,645 $ 46,755 Long-term debt $ 80,000 Fixed assets Owners' equity Net plant and equipment $324,695 $365, 734 Common stock and paid-in surplus $ 40,000 Retained earnings 219,826 Total $259,826 Total assets $386,581 $432,379 Total liabilities and owners' equity $386,581 11,571 $ 27,420 10,800 15,553 $ 53,773 $ 95,000 Total $ 40,000 243,606 $283,606 $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 $20,000 Additions to retained earnings 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 1.32 times 2018 1.24 times b. Quick ratio 0.78 times 0.73 times c. Cash ratio 0.51 times 0.45 times Asset utilization ratios: d. Total asset turnover 0.85 times times e. Inventory turnover f. Receivables turnover times 2017 2018 times times Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier times times 1.49 1.52 5.71 times j. Times interest earned k. Cash coverage ratio 7.96 times % Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity