Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of…
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Question “Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of…”
Some recent financial statements for Smolira Golf, Inc., follow. |
SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2018 and 2019 | ||||||||||
2018 | 2019 | 2018 | 2019 | |||||||
Assets | Liabilities and Owners’ Equity | |||||||||
Current assets | Current liabilities | |||||||||
Cash | $ | 5,298 | $ | 5,827 | Accounts payable | $ | 3,754 | $ | 3,986 | |
Accounts receivable | 7,707 | 8,477 | Notes payable | 3,045 | 3,318 | |||||
Inventory | 12,150 | 21,956 | Other | 152 | 179 | |||||
Total | $ | 25,155 | $ | 36,260 | Total | $ | 6,951 | $ | 7,483 | |
Long-term debt | $ | 24,700 | $ | 16,000 | ||||||
Owners’ equity | ||||||||||
Common stock | ||||||||||
and paid-in surplus | $ | 40,000 | $ | 37,000 | ||||||
Fixed assets | Accumulated retained earnings | 28,805 | 55,189 | |||||||
Net plant and equipment | $ | 75,301 | $ | 79,412 | Total | $ | 68,805 | $ | 92,189 | |
Total assets | $ | 100,456 | $ | 115,672 | Total liabilities and owners’ equity | $ | 100,456 | $ | 115,672 | |
SMOLIRA GOLF, INC. 2019 Income Statement | ||||
Sales | $ | 229,854 | ||
Cost of goods sold | 184,317 | |||
Depreciation | 8,730 | |||
EBIT | $ | 36,807 | ||
Interest paid | 1,811 | |||
Taxable income | $ | 34,996 | ||
Taxes | 7,349 | |||
Net income | $ | 27,647 | ||
Dividends | $ | 16,000 | ||
Retained earnings | 11,647 | |||
Find the following financial ratios for Smolira Golf (use |
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