Question

Some recent financial statements for Smolira Golf Corp. follow.    SMOLIRA GOLF CORP. 2014 and 2015...

Some recent financial statements for Smolira Golf Corp. follow.

  

SMOLIRA GOLF CORP.
2014 and 2015 Balance Sheets
Assets Liabilities and Owners’ Equity
2014 2015 2014 2015
  Current assets   Current liabilities
      Cash $ 23,056 $ 25,200       Accounts payable $ 24,284 $ 28,200
      Accounts receivable 13,548 16,300       Notes payable 13,000 11,900
      Inventory 26,982 28,200       Other 12,671 19,900
        Total $ 63,586 $ 69,700         Total $ 49,955 $ 60,000
  Long-term debt $ 80,000 $ 92,000
  Owners’ equity
      Common stock and paid-in surplus $ 60,000 $ 60,000
      Accumulated retained earnings 209,326 222,000
  Fixed assets
  Net plant and equipment $ 335,695 $ 364,300   Total $ 269,326 $ 282,000
  Total assets $ 399,281 $ 434,000   Total liabilities and owners’ equity $ 399,281 $ 434,000


SMOLIRA GOLF CORP.
2015 Income Statement
  Sales $ 375,123
  Cost of goods sold 258,000
  Depreciation 45,600
  Earnings before interest and taxes $ 71,523
  Interest paid 15,400
  Taxable income $ 56,123
  Taxes (40%) 22,449
  Net income $ 33,674
      Dividends $ 21,000
      Retained earnings 12,674

   

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.)

  

  

  

  Long-term solvency ratios: 2014 2015
g.   Total debt ratio times times
h.   Debt–equity ratio times times
i.   Equity multiplier times times

  

  
j.   Times interest earned times
k.   Cash coverage ratio times

  

  Profitability ratios:
I.   Profit margin %
m.   Return on assets %
n.   Return on equity %

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