Some recent financial statements for Smolira Golf Corporation follow. 2020 2021 SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current assets Current liabilities Cash $ $ 24,136 Accounts payable 25,000 Accounts receivable 13,348 16,100 Notes payable Inventory 26,722 28,000 Other $ $ 24,084 28,000 19,000 11,700 12,471 18,300 Total $ 64,206 $ 69,100 Total $ 55,555 58,000 $ 78,000 $ 91,532 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 60,000 60,000 204,346 223,468 Fixed assets Net plant and equipment 264,346 283,468 Total 333,695 363,900 $ Total liabilities and owners 397,901 433,000 equity Total assets $ $ 397,901 433,000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales 383,818 Cost of goods sold 257,000 Depreciation 48,300 Earnings before interest and taxes $ 78,518 Interest paid 15,200 Taxable income $ 63,318 Taxes (24%) 15,196 Net income $ 48,122 Dividends Retained earings $ 29,000 19,122 2020 Short-term solvency ratios: a. Current ratio b. Quick ratio c. Cash ratio times times times 2021 times times times times Asset utilization ratios: d. Total asset turnover e. Inventory turnover f. Receivables turnover times times 2020 2021 Long-term solvency ratios: g. Total debt ratio h. Debt-equity ratio 1. Equity multiplier times times times times times times times J. Times Interest earned K Cash coverage ratio times % Profitability ratios: L Profit margin m. Return on assets n. Return on equity % %