Answer question 26 for the year 2021. Use the table for above.

Chapter 3 Working with Financial Statements Assets 2020 $ 32,653 Current assets Cash Accounts receivable Inventory Total 16.911 34,495 $ 84,059 Other SMOLIRA GOLF CORP 2020 and 2021 Balance Sheets Liabilities and Owners' Equity 2021 2020 2021 Current liabilities $ 39,350 Accounts payable $ 34,886 $ 44.285 Notes payable 18.058 16,848 28,877 44,336 18.871 25,619 $112.563 Total $ 71,815 $ 86,752 Long-term debe $110,000 $140,000 Owners' equity Common stock and paid-n surplus $ 55,000 $ 55,000 Accumulated retained earnings 288,343 333683 Total $343.343 $388,683 502,872 Total abilities and 5615,435 owners' equity $525.158 $615,435 Fbed assets Net plant and equipment 441 099 Total assets $525,158 SMOURA GOLF CORS 2021 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest poid Taxable income Taxes (25%) Net income Dividends $20,000 Retained earnings 45.340 $531.750 377.294 46.686 $107.770 20.650 $ 87,120 21.780 $ 65,340 26. Calculating Financial Ratios (L02) Find the following financial ratios for Smolira Golf Corp. (use year-end figures rather than average values where appropriate): Short-term solvency ratios: a. Current ratio b. Quick ratio. e. Cash ratio Asset utilization ratios: d. Total asset turnover. e. Inventory turnover 1. Receivables turnover. Long-term solvency ratios: 8. Total debt ratio. h. Debt-equity ratio 1. Equity multiplier PART 2 Financial Statements and Long-Term Financial Planning j. Times interest earned ratio. k. Cash coverage ratio. Profitability ratios: 1. Profit margin. m. Return on assets. n. Return on equity