Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2014 2015
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2014 and 2015 Balance Sheets Assets Liabilities and Owners' Equity 2014 2014 2015 2015 Current assets Current liabilities Cash Accounts receivable Inventory $24,076 12,748 25,742 $ 24,400 15,500 27,400 Accounts payable Notes payable Other $ 23,484 13,000 11,871 $ 27,400 11,100 17,500 Total $ 62,566 $ 67,300 Total $48,355 $ 56,000 $72,000 Long-term debt Owners' equity $ 84,000 Common stock and paid-in surplus Accumulated retained earnings $45,000 224,906 $ 45,000 245,000 Fixed assets Net plant and equipment $327,695 $362,700 Total $269,906 $290,000 Total assets $390,261 $430,000 Total liabilities and owners' equity $390,261 $430,000 SMOLIRA GOLF CORP 2015 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 (20%) 53,868 10,774 Net income $ 43,094 Dividends Retained earnings $23,000 20,094 The company's profit margin is values where appropriate. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) The total asset turnover is 32.16.) The equity multiplier is 32.16.) Using the Du Pont Identity, the company's ROE is intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g. 32.16.) percent. (Use year-end figures rather than average times. (Round your answer to 2 decimal places, e.g times. (Round your answer to 2 decimal places, e.g., percent. (Do not round
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started