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 $ 2,821 $ 2,657 Accounts payable $ 2,218 $ 2,730 Accounts receivable 4,702 5,651 Notes payable 1,815 2,246 Inventory 12,738 13,652 Other 103 120 Total $ 20,261 $ 21,960 Total $ 4,136 $ 5,096 $ 14,600 $ 17,360 Long-term debt Owners' equity Common stock 44,500 $44,500 $ and paid-in surplus Accumulated retained earnings Fixed assets 15,719 40,061 Net plant and equipment $58,694 $85,057 Total $ 60,219 $84,561 107,017 Total assets $78,955 $107,017 Total liabilities and owners' equity $78,955 $ SMOLIRA GOLF, INC. 2019 Income Statement Sales $ 189,970 127,503 Cost of goods sold Depreciation 5,203 EBIT Interest paid $ 57,264 1,300 Taxable income Taxes $55,964 19,587 Net income $ 36,377 Dividends Retained earnings $ 12,035 24,342 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.) 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.) X Answer is complete but not entirely correct. 2018 2019 Short-term solvency ratios a. Current ratio 3.62 X times 4.85 X times b. Quick ratio 1.87 X times 1.91 X times C. Cash ratio 0.76 X times 0.78 X times Asset utilization ratios d. Total asset turnover 1.99 x times e. Inventory turnover 8.39 times f. Receivables turnover 27.12 X times 0.32 X times 0.20 times 0.25 X times 0.46 X times 1.46 X times 1.25 X times 20.32 X times 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 25.14 X times 12.03 X % 23.90 X % 29.99 %