Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Some recent financial statements for Smolira Golf, Inc., follow. Some recent financial statements for Smolira Golf, Inc., follow. 2016 SMOLIRA GOLF, INC. Balance Sheets as
Some recent financial statements for Smolira Golf, Inc., follow.
Some recent financial statements for Smolira Golf, Inc., follow. 2016 SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2,791 $ 2,607 Accounts payable $ 2,223 Accounts receivable 4,697 5,641 Notes payable 1,820 Inventory 12,758 13,642 Other 104 Total $20,246 $ 21,890 Total $ 4,147 Long-term debt $14,700 Owners' equity Common stock and paid-in surplus $45,000 Fixed assets Accumulated retained earnings 15,724 Net plant and equipment $59,325 $ 85,821 Total $ 60,724 Total assets $ 79,571 $107,711 Total liabilities and owners' equity $79,571 $ 2,740 2,256 121 $ 5,117 $ 17,460 $ 45,000 40,134 $ 85,134 $107,711 SMOLIRA GOLF, INC. 2016 Income Statement Sales $ 190, 170 Cost of goods sold 127,603 Depreciation 5,193 EBIT $ 57,374 Interest paid 1,290 Taxable income $ 56,084 Taxes 19,629 Net income $ 36,455 Dividends $12,045 Retained earnings 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.) 2015 2016 times times times times times Itimes times times times Short-term solvency ratios a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios d. Total asset turnover e. Inventory turnover f. Receivables turnover Long-term solvency ratios g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios 1. Profit margin m. Return on assets n. Return on equity times ]times times TI NI HII m times times times times timesStep 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