Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thank you for the help SMOLIRA GOLF CORPORATION 2920 and 2021 Balance Sheets Assets Current assets Cash 2020 2021 $ 24,206 $ 25.700 Accounts receivable
Thank you for the help
SMOLIRA GOLF CORPORATION 2920 and 2021 Balance Sheets Assets Current assets Cash 2020 2021 $ 24,206 $ 25.700 Accounts receivable 14,048 Inventory Total Fixed assets Net plant and equipment Total assets 27,622 $ 65,876 $ 71.200 340,695 406,571 16,800 28.700 361,800 433,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity 2020 $ 24.784 13,000 13,171 $ 50.955 $ 85,000 $ 40,000 2021 28,700 12,400 15.900 57.000 95,455 40.000 230,616 240,545 270.616 280,545 406.571 433.000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (21%) Net income Dividends Retained earnings 369,230 260.500 47,350 $ 61,380 15,900 45,480 9,551 35,929 26,000 9,929 find the following financial ratios for Smolira Golf Corporation (use year-end figures rather than average values where appropriate): (Enter the profitability ratio answers as a percent rounded to 2 decimal places. e.g., 32.16. Round the remaining answers to 2 decimal places, e.g., 32.16.) 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: Total debt ratio h. Debt$ uj ratio ui multi lier 2020 times times times times times times 2020 times times times 2021 times times times 2021 times times tunes
Step 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