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Some recent financial statements for Smolira Golf, Inc., follow. Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of
Some recent financial statements for Smolira Golf, Inc., follow.
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 $ 3,211 $ 3,307 Accounts payable $ 2,153 $ 2,600 Accounts receivable 4,767 5,781 Notes payable 1,750 2,116 Inventory 12,478 13,782 Other 90 107 Total $20,456 $22,870 Total $ 3,993 $ 4,823 $ 13,400 $ 16,160 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $38,000 $ 38,000 Fixed assets 15,654 39,112 Net plant and equipment $ 50,591 $75,225 Total $53,654 $ 77,112 Total assets $ 71,047 $98,095 Total liabilities and owners' equity $ 71,047 $ 98,095 SMOLIRA GOLF, INC. 2019 Income Statement Sales Cost of goods sold 126,203 Depreciation 5,333 $ 187,370 EBIT Interest paid $55,834 1,430 Taxable income Taxes $54,404 19,041 Net income $35,363 Dividends Retained earnings $ 11,905 23,458 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.) 2018 2019 a. times times times times times times times times times Short-term solvency ratios 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 Profit margin Return on assets n. Return on equity times times times times times times times timesStep by Step Solution
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