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Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017
Some recent financial statements for Smolira Golf Corp. follow. |
SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets | ||||||||||||||||
Assets | Liabilities and Owners Equity | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Current assets | Current liabilities | |||||||||||||||
Cash | $ | 24,126 | $ | 24,900 | Accounts payable | $ | 23,984 | $ | 27,900 | |||||||
Accounts receivable | 13,248 | 16,000 | Notes payable | 18,000 | 11,600 | |||||||||||
Inventory | 26,542 | 27,900 | Other | 12,371 | 16,500 | |||||||||||
Total | $ | 63,916 | $ | 68,800 | Total | $ | 54,355 | $ | 56,000 | |||||||
Long-term debt | $ | 77,000 | $ | 74,606 | ||||||||||||
Owners equity | ||||||||||||||||
Common stock and paid-in surplus | $ | 50,000 | $ | 50,000 | ||||||||||||
Accumulated retained earnings | 215,256 | 250,394 | ||||||||||||||
Fixed assets | ||||||||||||||||
Net plant and equipment | $ | 332,695 | $ | 362,200 | Total | $ | 265,256 | $ | 300,394 | |||||||
Total assets | $ | 396,611 | $ | 431,000 | Total liabilities and owners equity | $ | 396,611 | $ | 431,000 | |||||||
SMOLIRA GOLF CORP. 2018 Income Statement | |||||||
Sales | $ | 392,907 | |||||
Cost of goods sold | 256,500 | ||||||
Depreciation | 48,400 | ||||||
Earnings before interest and taxes | $ | 88,007 | |||||
Interest paid | 15,100 | ||||||
Taxable income | $ | 72,907 | |||||
Taxes (23%) | 16,769 | ||||||
Net income | $ | 56,138 | |||||
Dividends | $ | 21,000 | |||||
Retained earnings | 35,138 | ||||||
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.) |
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