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Homework answers / question archive / Some recent financial statements for Smolira Golf Corp

Some recent financial statements for Smolira Golf Corp

Finance

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 $ 24,096     $ 24,600           Accounts payable $ 23,684     $ 27,600  
      Accounts receivable   12,948       15,700           Notes payable   14,000       11,300  
      Inventory   26,242       27,600           Other   12,071       18,100  
                                 
        Total $ 63,286     $ 67,900             Total $ 49,755     $ 57,000  
                                 
                    Long-term debt $ 74,000     $ 82,000  
                    Owners’ equity              
                        Common stock and paid-in surplus $ 48,000     $ 48,000  
                        Accumulated retained earnings   221,226       242,000  
  Fixed assets                                
  Net plant and equipment $ 329,695     $ 361,100       Total $ 269,226     $ 290,000  
                                 
  Total assets $ 392,981     $ 429,000       Total liabilities and owners’ equity $ 392,981     $ 429,000  
                                 
 

 

SMOLIRA GOLF CORP.
2015 Income Statement
  Sales         $ 414,290  
  Cost of goods sold           265,500  
  Depreciation           57,700  
               
  Earnings before interest and taxes         $ 91,090  
  Interest paid           14,800  
               
  Taxable income         $ 76,290  
  Taxes (40%)           30,516  
               
  Net income         $ 45,774  
               
      Dividends $ 25,000          
      Retained earnings   20,774          
 

  

The company's profit margin is percent. (Use year-end figures rather than average values where appropriate. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) The total asset turnover is times. (Round your answer to 2 decimal places, e.g., 32.16.) The equity multiplier is times. (Round your answer to 2 decimal places, e.g., 32.16.) Using the Du Pont Identity, the company's ROE is percent. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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