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 $ 5,298 $ 5,827 Accounts payable $ 3,754 $ 3,986 Accounts receivable 7,707 8,477 Notes payable 3,045 3,318 Inventory 12,150 21,956 Other 152 179 Total $ 25,155 $ 36,260 Total $ 6,951 $ 7,483 $ 24,700 $ 16,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 40,000 $ 37,000 28,805 55,189 Fixed assets Net plant and equipment $ 75,301 $ 79,412 Total $ 68,805 $ 92,189 Total assets $100,456 $ 115,672 Total liabilities and owners' equity $100,456 $ 115,672 SMOLIRA GOLF, INC. 2019 Income Statement Sales $ 229,854 Cost of goods 184,317 sold Depreciation 8,730 $ EBIT Interest paid 36,807 1,811 $ Taxable income Taxes 34,996 7,349 Net income $ 27,647 $ 16,000 Dividends Retained earnings 11,647 2018 2019 Short-term solvency ratios a. Current ratio times times b. Quick ratio times times C. Cash ratio times times Asset utilization ratios d. Total asset turnover times e. Inventory turnover times f. Receivables turnover times