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 Current liabilities $ 26,100 Accounts payable $ 25,184 17,200 Notes payable 20,000 29,100 Other 13,571 2015 Current assets Cash Accounts receivable Inventory $ 24,246 14.448 27.992 $ 29,100 12,800 18,100 Total $ 66,686 $ 72,400 Total $ 58.755 $ 60,000 $ 89,000 $ 101,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 50,000 213,626 $ 50,000 226,000 Fixed assets Net plant and equipment $344,695 $364,600 Total $263,626 $276,000 Total assets $411,381 $437,000 Total liabilities and owners' equity $411,381 $437,000 SMOLIRA GOLF CORP. 2015 Income Statement Sales Cost of goods sold Depreciation $360,968 262,500 29,200 Earnings before interest and taxes Interest paid $ 69,268 16,300 Taxable income Taxes (20%) $ 52.968 10,594 Net income $ 42,374 Dividends Retained earnings $ 30,000 12,374 Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your profitability ratio answers as a percent rounded to 2 decimal places, 0.9., 32.16. Round the remaining answers to 2 decimal places, 0.9., 32.16.) Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your profitability ratio answers as a percent rounded to 2 decimal places, e-9., 32. 16. Round the remaining answers to 2 decimal places, e.g. 32.16.) 2014 2015 Short-term solvency ratios a. Current ratio b. Quick ratio times times times times c. Cash ratio times times Asset utilization ratios: d. Total asset turnover times times e. Inventory turnover f. Receivables turnover times 2014 2015 times times Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times times Times interest eamed k. Cash coverage ratio times Profitability ratios: L Profit margin m. Return on assets n. Return on equity % %
