Some recent financial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets
Fantastic news! We've Found the answer you've been seeking!
Question:
Some recent financial statements for Smolira Golf Corporation follow. |
SMOLIRA GOLF CORPORATION | |||||
2020 and 2021 Balance Sheets | |||||
Assets | 2020 | 2021 | Liabilities and Owners’ Equity | 2020 | 2021 |
---|---|---|---|---|---|
Current assets | Current liabilities | ||||
Cash | $ 24,086 | $ 24,500 | Accounts payable | $ 23,584 | $ 27,500 |
Accounts receivable | 12,848 | 15,600 | Notes payable | 15,000 | 11,200 |
Inventory | 26,042 | 27,500 | Other | 11,971 | 18,300 |
Total | $ 62,976 | $ 67,600 | Total | $ 50,555 | $ 57,000 |
Long-term debt | $ 60,000 | $ 61,565 | |||
Owners’ equity | |||||
Common stock and paid-in surplus | $ 44,000 | $ 44,000 | |||
Accumulated retained earnings | 237,116 | 267,435 | |||
Fixed assets | |||||
Net plant and equipment | $ 328,695 | $ 362,400 | Total | $ 281,116 | $ 311,435 |
Total assets | $ 391,671 | $ 430,000 | Total liabilities and owners’ equity | $ 391,671 | $ 430,000 |
SMOLIRA GOLF CORPORATION | ||
2021 Income Statement | ||
Sales | $ 373,473 | |
---|---|---|
Cost of goods sold | 254,500 | |
Depreciation | 32,800 | |
Earnings before interest and taxes | $ 86,173 | |
Interest paid | 14,700 | |
Taxable income | $ 71,473 | |
Taxes (24%) | 17,154 | |
Net income | $ 54,319 | |
Dividends | $ 24,000 | |
Retained earnings | 30,319 |
Find the following financial ratios for Smolira Golf Corporation (use year-end figures rather than average values where appropriate): (Enter the 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: | 2020 | 2021 | ||
g. Total debt ratio | times | times | ||
h. Debt-equity ratio | times | times | ||
i. Equity multiplier | times | times |
|
|
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9781265553609
13th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date: