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Homework answers / question archive / Some recent financial statements for Smolira Golf, Inc
| Some recent financial statements for Smolira Golf, Inc., follow. |
| SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 |
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| 2018 | 2019 | 2018 | 2019 | |||||||
| Assets | Liabilities and Owners’ Equity | |||||||||
| Current assets | Current liabilities | |||||||||
| Cash | $ | 2,761 | $ | 2,557 | Accounts payable | $ | 2,228 | $ | 2,750 | |
| Accounts receivable | 4,692 | 5,631 | Notes payable | 1,825 | 2,266 | |||||
| Inventory | 12,778 | 13,632 | Other | 105 | 122 | |||||
| Total | $ | 20,231 | $ | 21,820 | Total | $ | 4,158 | $ | 5,138 | |
| Long-term debt | $ | 14,800 | $ | 17,560 | ||||||
| Owners’ equity | ||||||||||
| Common stock | ||||||||||
| and paid-in surplus | $ | 45,500 | $ | 45,500 | ||||||
| Fixed assets | Accumulated retained earnings | 15,729 | 40,207 | |||||||
| Net plant and equipment | $ | 59,956 | $ | 86,585 | Total | $ | 61,229 | $ | 85,707 | |
| Total assets | $ | 80,187 | $ | 108,405 | Total liabilities and owners’ equity | $ | 80,187 | $ | 108,405 | |
| SMOLIRA GOLF, INC. 2019 Income Statement |
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| Sales | $ | 190,370 |
| Cost of goods sold | 127,703 | |
| Depreciation | 5,183 | |
| EBIT | $ | 57,484 |
| Interest paid | 1,280 | |
| Taxable income | $ | 56,204 |
| Taxes | 19,671 | |
| Net income | $ | 36,533 |
| Dividends | $ | 12,055 |
| Retained earnings | 24,478 | |
| Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): |
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