Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and...

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Finance

Some recent financial statements for Smolira Golf Corp.follow.
SMOLIRA GOLF CORP.
2017 and 2018 Balance Sheets
Assets Liabilities and Owners’ Equity
2017 2018 2017 2018
  Current assets   Current liabilities
      Cash $ 34,385 $ 37,837      &nbsAccounts payable $ 36,722 $ 42,582
      Accounts receivable 17,801 27,766       Notes payable 19,008 16,200
      Inventory 36,310 42,632       Other 19,864 24,634
        Total $ 88,496 $ 108,235         Total $ 75,594 $ 83,416
  Long-term debt $ 115,000 $ 145,000
  Owners’ equity
      Common stock and paid-insurplus $ 55,000 $ 55,000
         Accumulated retainedearnings 307,217 344,452
  Net plant and equipment $ 464,315 $ 519,633   Total $ 362,217 $ 399,452
  Total assets $ 552,811 $ 627,868   Total liabilities and owners’ equity $ 552,811 $ 627,868
SMOLIRA GOLF CORP.
2018 Income Statement
  Sales $ 506,454
  Cost of goods sold 359,328
  Depreciation 44,463
  Earnings before interest and taxes $ 102,663
  Interest paid 19,683
  Taxable income $ 82,980
  Taxes (25%) 20,745
  Net income $ 62,235
      Dividends $ 25,000
      Retained earnings 37,235
Find the following financial ratios for Smolira Golf Corp. (useyear-end figures rather than average values where appropriate):(Do not round intermediate calculations and round youranswers to 2 decimal places, e.g., 32.16.)

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Some recent financial statements for Smolira Golf Corp.follow.SMOLIRA GOLF CORP.2017 and 2018 Balance SheetsAssetsLiabilities and Owners’ Equity2017201820172018 Current assets Current liabilities Cash$34,385$37,837 &nbsAccounts payable$36,722$42,582 Accounts receivable17,80127,766 Notes payable19,00816,200 Inventory36,31042,632 Other19,86424,634 Total$88,496$108,235 Total$75,594$83,416 Long-term debt$115,000$145,000 Owners’ equity Common stock and paid-insurplus$55,000$55,000 Accumulated retainedearnings307,217344,452 Net plant and equipment$464,315$519,633 Total$362,217$399,452 Total assets$552,811$627,868 Total liabilities and owners’ equity$552,811$627,868SMOLIRA GOLF CORP.2018 Income Statement Sales$506,454 Cost of goods sold359,328 Depreciation44,463 Earnings before interest and taxes$102,663 Interest paid19,683 Taxable income$82,980 Taxes (25%)20,745 Net income$62,235 Dividends$25,000 Retained earnings37,235Find the following financial ratios for Smolira Golf Corp. (useyear-end figures rather than average values where appropriate):(Do not round intermediate calculations and round youranswers to 2 decimal places, e.g., 32.16.)

SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets
Assets					Liabilities and Owners’ Equity
	2017		2018			2017		2018
Current assets					Current liabilities
Cash	$	34,385	$	37,837	&nbsAccounts payable	$	36,722	$	42,582
Accounts receivable		17,801		27,766	Notes payable		19,008		16,200
Inventory		36,310		42,632	Other		19,864		24,634

Total	$	88,496	$	108,235	Total	$	75,594	$	83,416

					Long-term debt	$	115,000	$	145,000

					Owners’ equity
					Common stock and paid-insurplus	$	55,000	$	55,000
					Accumulated retainedearnings		307,217		344,452

Net plant and equipment	$	464,315	$	519,633	Total	$	362,217	$	399,452

Total assets	$	552,811	$	627,868	Total liabilities and owners’ equity	$	552,811	$	627,868

SMOLIRA GOLF CORP. 2018 Income Statement
Sales			$	506,454
Cost of goods sold				359,328
Depreciation				44,463

Earnings before interest and taxes			$	102,663
Interest paid				19,683

Taxable income			$	82,980
Taxes (25%)				20,745

Net income			$	62,235

Dividends	$	25,000
Retained earnings		37,235