SMOLIRA GOLF CORP.
2014 and 2015 Balance Sheets |
| Assets |
|
Liabilities and Owners' Equity |
|
2014 |
|
2015 |
|
|
2014 |
|
2015 |
| Current assets |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
| Cash |
$ |
24,136 |
|
|
$ |
25,000 |
|
|
Accounts payable |
$ |
24,084 |
|
|
$ |
28,000 |
|
| Accounts receivable |
|
13,348 |
|
|
|
16,100 |
|
|
Notes payable |
|
19,000 |
|
|
|
11,700 |
|
| Inventory |
|
26,722 |
|
|
|
28,000 |
|
|
Other |
|
12,471 |
|
|
|
18,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
$ |
64,206 |
|
|
$ |
69,100 |
|
|
Total |
$ |
55,555 |
|
|
$ |
58,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
$ |
78,000 |
|
|
$ |
89,000 |
|
|
|
|
|
|
|
|
|
|
Owners' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and paid-in surplus |
$ |
60,000 |
|
|
$ |
60,000 |
|
|
|
|
|
|
|
|
|
|
Accumulated retained earnings |
|
204,346 |
|
|
|
226,000 |
|
| Fixed assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net plant and equipment |
$ |
333,695 |
|
|
$ |
363,900 |
|
|
Total |
$ |
264,346 |
|
|
$ |
286,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
397,901 |
|
|
$ |
433,000 |
|
|
Total liabilities and owners' equity |
$ |
397,901 |
|
|
$ |
433,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMOLIRA GOLF CORP.
2015 Income Statement |
| Sales |
|
|
|
|
$ |
383,818 |
|
| Cost of goods sold |
|
|
|
|
|
257,000 |
|
| Depreciation |
|
|
|
|
|
48,300 |
|
|
|
|
|
|
|
|
|
| Earnings before interest and taxes |
|
|
|
|
$ |
78,518 |
|
| Interest paid |
|
|
|
|
|
15,200 |
|
|
|
|
|
|
|
|
|
| Taxable income |
|
|
|
|
$ |
63,318 |
|
| Taxes (20%) |
|
|
|
|
|
12,664 |
|
|
|
|
|
|
|
|
|
| Net income |
|
|
|
|
$ |
50,654 |
|
|
|
|
|
|
|
|
|
| Dividends |
$ |
29,000 |
|
|
|
|
|
| Retained earnings |
|
21,654 |
|
|
|
|
|
|
Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): (Enter your 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.)
Asset utilization ratios: 2014
d. Total asset turnover times
e. Inventory turnover times
f. Receivables turnover times
Long-term solvency ratios: 2014 2015
g. Total debt ratio times times
h. Debt-equity ratio times times
i. Equity multiplier times times
2014
j. Times interest earned times
k. Cash coverage ratio times
Profitability ratios: 2014
I. Profit margin %
m. Return on assets %
n. Return on equity %