Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $336,695 Sales Cost of goods sold Depreciation Taxable income Taxes (22%) Net income Dividends Retained earnings SMOLIRA GOLF CORPORATION 2021 Income Statement Earnings before interest and taxes Interest paid a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios: d. Total asset turnover Short-term solvency ratios: e. Inventory tumover 1. Receivables turnover $23,066 13,648 2020 g. Total debt ratio h. Debt-equity ratio Equity multiplier $25,300 16,400 27,152 28,300 $63,866 $70,000 Times interest earned k Cash coverage ratio Long-term solvency ratios: Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $400,561 $434,000 364,000 $ 22,000 19,891 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.) 2020 times times times % times times Liabilities and Owners' Equity Current liabilities 2020 Accounts payable Notes payable Other times times times Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total $ 69,206 15,500 Total liabilities and owners' equity $ 333,706 215,200 49,300 $ 53,706 11,815 $ 41,891 times times times 2021 2021 times times times times times times 2021 $ 24,384 $28,300 14,000 12,000 12,771 19,700 2020 $51,155 $60,000 $81,000 $85,703 $ 55,000 $ 55,000 213,406 233,297 $ $ 268,406 288,297 $400,561 $ 434,000
Some recent financial statements for Smolira Golf Corporation follow. Assets Current assets Cash Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipment $336,695 Sales Cost of goods sold Depreciation Taxable income Taxes (22%) Net income Dividends Retained earnings SMOLIRA GOLF CORPORATION 2021 Income Statement Earnings before interest and taxes Interest paid a. Current ratio b. Quick ratio c. Cash ratio Asset utilization ratios: d. Total asset turnover Short-term solvency ratios: e. Inventory tumover 1. Receivables turnover $23,066 13,648 2020 g. Total debt ratio h. Debt-equity ratio Equity multiplier $25,300 16,400 27,152 28,300 $63,866 $70,000 Times interest earned k Cash coverage ratio Long-term solvency ratios: Profitability ratios: 1. Profit margin m. Return on assets n. Return on equity SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets 2021 $400,561 $434,000 364,000 $ 22,000 19,891 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.) 2020 times times times % times times Liabilities and Owners' Equity Current liabilities 2020 Accounts payable Notes payable Other times times times Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total $ 69,206 15,500 Total liabilities and owners' equity $ 333,706 215,200 49,300 $ 53,706 11,815 $ 41,891 times times times 2021 2021 times times times times times times 2021 $ 24,384 $28,300 14,000 12,000 12,771 19,700 2020 $51,155 $60,000 $81,000 $85,703 $ 55,000 $ 55,000 213,406 233,297 $ $ 268,406 288,297 $400,561 $ 434,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Some recent financial statements for Smolira Golf Corporation follow.
Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Total assets
Fixed assets
Net plant and equipment $336,695
Sales
Cost of goods sold
Depreciation
Taxable income
Taxes (22%)
Net income
SMOLIRA GOLF CORPORATION
2021 Income Statement
Earnings before interest and
taxes
Interest paid
Dividends
Retained earnings
a. Current ratio
b. Quick ratio
c. Cash ratio
Short-term solvency ratios:
Asset utilization ratios:
d. Total asset turnover
e. Inventory tumover
1. Receivables turnover
2020
$23,066 $25,300
13,648
16,400
27,152
28,300
$63,866 $70,000
g. Total debt ratio
h. Debt-equity ratio
I. Equity multiplier
Long-term solvency ratios:
Times Interest emned
K Cash coverage ratio
Profitability ratios:
SMOLIRA GOLF CORPORATION
2020 and 2021 Balance Sheets
2021
$ 400,561 $ 434,000
1. Profit margin
m. Return on assels
n. Return on equity
$
364,000
$ 22,000
19,891
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.)
2020
Limes
times
times
times
%
%
%
Times
2020
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Other
times
times
times
Total
Long-term debt
Owners' equity
Common stock and paid-in surplus
Accumulated retained earnings
Total
Total liabilities and owners' equity
$
333,706
215,200
49,300
$ 69,206
15,500
$ 53,706
11,815
$ 41,891
times
Umes
times
2021
2021
Dimes
times
Limes
times
times
times
2021
$ 24,384 $28,300
14,000 12,000
12,771 19,700
$ 51,155 $ 60,000
$ 81,000 $85,703
2020
$55,000 $ 55,000
213,406 233,297
$
$
268,406 288,297
$ 400,561
434,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4fe2411f-ff36-44e2-b8f6-5b284579f4d3%2Fb768ec55-9c62-4dbf-af6b-07033f20ef5d%2Fx9j62l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Some recent financial statements for Smolira Golf Corporation follow.
Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Total assets
Fixed assets
Net plant and equipment $336,695
Sales
Cost of goods sold
Depreciation
Taxable income
Taxes (22%)
Net income
SMOLIRA GOLF CORPORATION
2021 Income Statement
Earnings before interest and
taxes
Interest paid
Dividends
Retained earnings
a. Current ratio
b. Quick ratio
c. Cash ratio
Short-term solvency ratios:
Asset utilization ratios:
d. Total asset turnover
e. Inventory tumover
1. Receivables turnover
2020
$23,066 $25,300
13,648
16,400
27,152
28,300
$63,866 $70,000
g. Total debt ratio
h. Debt-equity ratio
I. Equity multiplier
Long-term solvency ratios:
Times Interest emned
K Cash coverage ratio
Profitability ratios:
SMOLIRA GOLF CORPORATION
2020 and 2021 Balance Sheets
2021
$ 400,561 $ 434,000
1. Profit margin
m. Return on assels
n. Return on equity
$
364,000
$ 22,000
19,891
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.)
2020
Limes
times
times
times
%
%
%
Times
2020
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Other
times
times
times
Total
Long-term debt
Owners' equity
Common stock and paid-in surplus
Accumulated retained earnings
Total
Total liabilities and owners' equity
$
333,706
215,200
49,300
$ 69,206
15,500
$ 53,706
11,815
$ 41,891
times
Umes
times
2021
2021
Dimes
times
Limes
times
times
times
2021
$ 24,384 $28,300
14,000 12,000
12,771 19,700
$ 51,155 $ 60,000
$ 81,000 $85,703
2020
$55,000 $ 55,000
213,406 233,297
$
$
268,406 288,297
$ 400,561
434,000
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