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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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