Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,500 Accounts payable $ 23,584 15,600 Notes payable 15,000 27,500 Other 11,971 $ 24,086 12,848 $ 27,500 11,200 18,300 26,042 Total $ 62,976 $ 67,600 Total $50,555 $ 57,000 $60,000 $ 61,565 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $44,000 $ 44,000 237,116 267,435 Fixed assets Net plant and equipment $328,695 $362,400 Total $ 281,116 $ 311,435 Total assets $ 391,671 $430,000 Total liabilities and owners' equity $391,671 $430,000 $ 373,473 254,500 32,800 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (24%) $ 86,173 14,700 $ 71,473 17,154 Net income $ 54,319 Dividends Retained earnings $24,000 30,319 times j. k. Times interest earned Cash coverage ratio times % Profitability ratios: L. Profit margin m. Return on assets Return on equity % n. %