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Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,400 Accounts payable $ 23,484 15,500 Notes payable 13,000 27,400 Other 11,871 2018 Current assets Cash Accounts receivable Inventory $ 27,400 $ 24,076 12,748 25,742 11,100 17,500 es Total $ 62,566 $ 67,300 Total $ 48,355 $ 56,000 $ 72,000 $ 85,616 Long-term debt Owners' equity Common stock and paid in surplus Accumulated retained earnings $ 45,000 $ 45,000 224,906 243,384 Fixed assets Net plant and equipment $327,695 $362,700 Total $269,906 $288,384 Total assets $390,261 $430,000 Total liabilities and owners' equity $ 390,261 $430,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $ 378,618 254,000 56,150 Earnings before interest and taxes Interest paid $ 68,468 14,600 Taxable income Taxes (23%) $ 53,868 12,390 Net income $ 41,478 Dividends Retained earnings $23,000 18,478 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.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 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.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 32.16.) 2017 2018 a. times times Short-term solvency ratios: Current ratio Quick ratio Cash ratio b. times times C. times times Asset utilization ratios: d. Total asset turnover times times e. Inventory turnover f. Receivables turnover times 0. VUILNIAU Us LIITIES C. Cash ratio times times Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover times times times 2017 2018 times times Long-term solvency ratios: 9 Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times 2017 2018 times Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio i. Equity multiplier times times times times times j Times interest earned times k. Cash coverage ratio times % Profitability ratios: 1. Profit margin m. Return on assets Return on equity % n. %
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