Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 2018 2019 2018 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2,791 $ 2,607 Accounts payable $ 2,223 $ 2,740 Accounts receivable 4,697 5,641 Notes payable 1,820 2,256 Inventory 12,758 13,642 Other 121 104 Total $20,246 $21,890 Total $ 4,147 $ 5,117 $ 14,700 $ 17,460 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $45,000 $ 45,000 Fixed assets 15,724 40,134 Net plant and equipment $59,325 $85,821 Total $ 60,724 $ 85,134 Total assets $ 79,571 $ 107,711 Total liabilities and owners' equity $ 79,571 $ 107,711 SMOLIRA GOLF, INC. 2019 Income Statement Sales $190,170 127,603 Cost of goods sold Depreciation 5,193 EBIT Interest paid $ 57,374 1,290 Taxable income Taxes $56,084 19,629 Net income $36,455 Dividends Retained earnings $ 12,045 24,410 Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent.) Answer is complete but not entirely correct. 2018 2019 Short-term solvency ratios a. Current ratio 4.88 times 4.28 times b. Quick ratio 1.81 times 1.61 times c. Cash ratio 0.67 times 0.51 times Asset utilization ratios d. Total asset turnover 1.77 times e. 9.67 X times 36.79 X times 0.19 X times 0.17 X times 0.24 times 0.16 X times 1.31 times 1.27 times Inventory turnover f. Receivables turnover Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier Times interest earned j. ratio k. Cash coverage ratio Profitability ratios I. Profit margin m. Return on assets Return on equity 44.48 times 2.02 X times 19.17 % 34.62 X % n. 42.82 %