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Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation SMOLIRA GOLF, INCORPORATED 2022 Income Statement EBIT Interest paid Taxable income Taxes Net income Dividends Retained earnings 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 g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2021 $ 3,061 4,742 12,578 $20,381 j. Times interest earned ratio k. Cash coverage ratio Profitability ratios 1. Profit margin m. Return on assets. n. Return on equity SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities $ 52,746 $ 73,127 2021 $ 188,370 126,703 5,283 $ 56,384 1,380 $ 55,004 19,251 $ 35,753 $ 11,955 23,798 5.03 times 1.93 times 0.75 times $ 3,057 5,731 times times times 13,732 $ 22,520 $ 78,045 $ 100,565 2022 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent. 4.57 times 1.78 times 0.62 times 1.87 times 9.23 times 32.87 times Accounts payable Notes payable Other times times times % % % times times 2021 $ 2,178 1,775 95 $4,048 $ 12,900 $ 40,500 15,679 $ 56,179 $ 73,127 2022 $ 2,650 2,166 112 $ 4,928 $ 15,666 $ 40,506 39,477 $ 79,977 $ 100,565

Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation SMOLIRA GOLF, INCORPORATED 2022 Income Statement EBIT Interest paid Taxable income Taxes Net income Dividends Retained earnings 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 g. Total debt ratio h. Debt-equity ratio i. Equity multiplier 2021 $ 3,061 4,742 12,578 $20,381 j. Times interest earned ratio k. Cash coverage ratio Profitability ratios 1. Profit margin m. Return on assets. n. Return on equity SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities $ 52,746 $ 73,127 2021 $ 188,370 126,703 5,283 $ 56,384 1,380 $ 55,004 19,251 $ 35,753 $ 11,955 23,798 5.03 times 1.93 times 0.75 times $ 3,057 5,731 times times times 13,732 $ 22,520 $ 78,045 $ 100,565 2022 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent. 4.57 times 1.78 times 0.62 times 1.87 times 9.23 times 32.87 times Accounts payable Notes payable Other times times times % % % times times 2021 $ 2,178 1,775 95 $4,048 $ 12,900 $ 40,500 15,679 $ 56,179 $ 73,127 2022 $ 2,650 2,166 112 $ 4,928 $ 15,666 $ 40,506 39,477 $ 79,977 $ 100,565

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, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes SMOLIRA GOLF, INCORPORATED 2022 Income Statement Net income Dividends Retained earnings 2021 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 g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios I. Profit margin m. Return on assets n. Return on equity $3,061 4,742 12,578 $ 20,381 SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 52,746 $ 73,127 2021 $ 188,370 126, 703 5,283 $ 56,384 1,380 $ 55,004 19, 251 $ 35,753 $ 11,955 23,798 5.03 times 1.93 times 0.75 times $ 3,057 5,731 13,732 $ 22,520 times times times $ 78,045 $ 100,565 2022 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity 4.57 times 1.78 times 0.62 times Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent. 1.87 times 9.23 times 32.87 times % % % times times times times times 2021 $ 2,178 1,775 95 $ 4,048 $ 12,900 $ 40,500 15,679 $ 56,179 $ 73,127 2022 $ 2,650 2,166 112 $ 4,928 $ 15,660 $ 40,500 39,477 $ 79,977 $ 100,565
Transcribed Image Text:Some recent financial statements for Smolira Golf, Incorporated, follow. Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Sales Cost of goods sold Depreciation EBIT Interest paid Taxable income Taxes SMOLIRA GOLF, INCORPORATED 2022 Income Statement Net income Dividends Retained earnings 2021 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 g. Total debt ratio h. Debt-equity ratio i. Equity multiplier j. Times interest earned ratio k. Cash coverage ratio Profitability ratios I. Profit margin m. Return on assets n. Return on equity $3,061 4,742 12,578 $ 20,381 SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31, 2021 and 2022 2022 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Other $ 52,746 $ 73,127 2021 $ 188,370 126, 703 5,283 $ 56,384 1,380 $ 55,004 19, 251 $ 35,753 $ 11,955 23,798 5.03 times 1.93 times 0.75 times $ 3,057 5,731 13,732 $ 22,520 times times times $ 78,045 $ 100,565 2022 Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity 4.57 times 1.78 times 0.62 times Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent. 1.87 times 9.23 times 32.87 times % % % times times times times times 2021 $ 2,178 1,775 95 $ 4,048 $ 12,900 $ 40,500 15,679 $ 56,179 $ 73,127 2022 $ 2,650 2,166 112 $ 4,928 $ 15,660 $ 40,500 39,477 $ 79,977 $ 100,565
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