oblems - Part 6 Submitted Some recent financial statements for Smolira Golf Corp. follow Assets 2017 2018 Current assets Cash Accounts receivable Inventory $ 24,206 14,048 27.622 $ 65,876 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 25,700 Accounts payable $ 24,784 16,800 Notes payable 13,000 28,700 Other 13,171 $ 71,200 3 Total $ 50,955 Long-term debt $ 85,000 Owners' equity Common stock and paid-in $ 40,000 surplus Accumulated retained earnings 230,616 $ 28,700 12,400 15,900 Total $ 57,000 $ 95,455 $ 40,000 240.545 Fixed assets Net plant and equipment $340,695 $361,800 Total $ 270,616 $280,545 Total assets $ 406,571 $433,000 Total liabilities and owners equity $406,571 $433,000 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation $369,230 260.500 47,850 Earnings before interest and taxes Interest paid $ 61.380 15.900 Taxable income Taxes (21%) $ 45.480 9.551 Net income $ 35.929 Dividends Retained earnings $26.000 9,929 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: Total asset turnover Inventory turnover Receivables turnover 5.34 x 9.25 23.94 x times times times Profitability ratios: Profit margin Return on assets Return on equity 9.73 8.56 X 13.04 X % % %