Homework Answers
Answer a.
2017:
Current Ratio = Current Assets / Current Liabilities
Current Ratio = $62,566 / $48,355
Current Ratio = 1.29 times
2018:
Current Ratio = Current Assets / Current Liabilities
Current Ratio = $67,300 / $56,000
Current Ratio = 1.20 times
Answer b.
2017:
Quick Ratio = (Current Assets - Inventory) / Current
Liabilities
Quick Ratio = ($62,566 - $25,742) / $48,355
Quick Ratio = 0.76 times
2018:
Quick Ratio = (Current Assets - Inventory) / Current
Liabilities
Quick Ratio = ($67,300 - $27,400) / $56,000
Quick Ratio = 0.71 times
Answer c.
2017:
Cash Ratio = Cash / Current Liabilities
Cash Ratio = $24,076 / $48,355
Cash Ratio = 0.50 times
2018:
Cash Ratio = Cash / Current Liabilities
Cash Ratio = $24,400 / $56,000
Cash Ratio = 0.44 times
Answer d.
Total Asset Turnover = Sales / Total Assets
Total Asset Turnover = $378,618 / $430,000
Total Asset Turnover = 0.88 times
Answer e.
Inventory Turnover = Cost of Goods Sold / Inventory
Inventory Turnover = $254,000 / $27,400
Inventory Turnover = 9.27 times
Answer f.
Receivables Turnover = Sales / Accounts Receivable
Receivables Turnover = $378,618 / $15,500
Receivables Turnover = 24.43 times
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SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017...
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts...
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory $ 24,076 12,748 25,742 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,400 Accounts payable $ 23,484 15,500 Notes payable 13,000 2 7,400 Other 11,871 $ 67,300 Total $ 48,355 Long-term debt $ 72,000 $ 27,400 11,100 17,500 Total $ 62,566 $ 56,000 $ 85,616 Owners' equity Common stock and paid-in surplus Accumulated...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017 2018 Current assets Current liabilities Accounts payable Cash $ 35,085 $ 38.480 $ 37,852 S 42,932 Accounts 18,151 28,396 Notes payable 19,708 16,725 receivable Inventory 3,820 42,912 Other 20,494 25,194 Total $ 57056 $ 109,788 Total $ 78,054 $ 84,851 Long-term debt $118,500 $181,793 Owners equity Common stock and paid-in surplus Accumulated retained $ 55,700 $55,700 269,812 308,127 earnings Fixed assets Net plant and...
Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018...
Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,940 Accounts payable $ 38,802 28,846 Notes payable 20,208 43,112 Other 20,944 Current assets Cash Accounts receivable Inventory $ $ 35,585 18,401 3,970 43,182 17,100 25,594 Total $ 57,956 $ 110,898 Total $ 79,954 $ 85,876 Long-term debt $ 121,000 $ 186,846 $ 56,200 $ 56,200 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 266,387 303,409 Fixed assets...
SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018 2017...
SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,136 $ 25,000 Accounts payable $ 24,084 $ 28,000 Accounts receivable 13,348 16,100 Notes payable 19,000 11,700 Inventory 26,722 28,000 Other 12,471 18,300 Total $ 64,206 $ 69,100 Total $ 55,555 $ 58,000 Long-term debt $ 78,000 $ 91,532 Owners’ equity Common stock and paid-in surplus $ 60,000 $ 60,000 Accumulated retained earnings 204,346 223,468 Fixed assets...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,056 24,200 15,300 27,200 $ 62,196 $66,700 $ 23,284 $ 27,200 10,900 15,900 $ 46,955 54,000 90,000 93,294 Accounts Inventory Total Accounts payable Notes payable Other 12,548 12,000 receivable 25,592 11,671 Total Long-term debt Owners' equity Common stock and paid-in $42,000 42,000 surplus Accumulated retained 208,936 242,706 earnings...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,056 24,200 15,300 27,200 $ 62,196 $66,700 $ 23,284 $ 27,200 10,900 15,900 $ 46,955 54,000 90,000 93,294 Accounts Inventory Total Accounts payable Notes payable Other 12,548 12,000 receivable 25,592 11,671 Total Long-term debt Owners' equity Common stock and paid-in $42,000 42,000 surplus Accumulated retained 208,936 242,706 earnings...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 24,116 24,800 15,900 27,800 63,656 68,500 $23,884 27,800 11,500 15,700 $53,155 55,000 $76,000 80,259 Cash Accounts 13,148 26,392 Accounts payable Notes payable Other 17,000 receivable Inventory 12,271 Total Total Long-term debt Owners' equity Common stock and paid-in $40,000 40,00o surplus Accumulated retained 226,196 258,741 earnings Fixed assets Net plant...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets 2018 Current liabilites 2017 2017 2018 Current Assets...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets 2018 Current liabilites 2017 2017 2018 Current Assets 34,385 37,837 Account payable 36,722 42,582 Cash Accounts Receivable 17,801 27,766 Notes payable 19,008 16,200 Inventory 36,310 42,632 Other 19,864 24,634 Total 88,496 108,235 Total 75,594 83,416 115,000 145,000 Fixed Assets Net plant and equipment 464,315 519,633 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 55,000 55,000 307,217 344,452 362,217 399,452 Total Total liablities and owners' equity Total Assets 552,811.0...
SMOLIRA GOLF 2011 and 2012 Balance Sheets Liabilities and Owners' Equity 2011 Assets 2012 2012 2011...
SMOLIRA GOLF 2011 and 2012 Balance Sheets Liabilities and Owners' Equity 2011 Assets 2012 2012 2011 Current liabilities Current assets Cash Accounts receivable Inventory $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 $ 24.255 15,235 27,155 Accounts payable Notes payable Other 24,046 12.448 25.392 $ 66,645 $ 46,755 $ 53.773 S 61.886 Total Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 80,000 $95,000 $ 40,000 219,826 $ 40,000 243,606 Fixed assets Net plant and...
Assets 2014 SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2015 2014...
Assets 2014 SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2015 2014 Current liabilities $ 24,600 Accounts payable $ 23,684 15,700 Notes payable 14,000 27,600 Other 12,071 2015 Current assets Cash Accounts receivable Inventory $ 24,096 12,948 26,242 $ 27,600 11,300 18,100 Total $ 63,286 $ 67,900 Total $ 49,755 $ 57,000 $ 74,000 $ 82,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 48,000 221,226 $ 48,000 242,000 Fixed assets...
Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory $ 24,076 12,748 25,742 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 24,400 Accounts payable $ 23,484 15,500 Notes payable 13,000 2 7,400 Other 11,871 $ 67,300 Total $ 48,355 Long-term debt $ 72,000 $ 27,400 11,100 17,500 Total $ 62,566 $ 56,000 $ 85,616 Owners' equity Common stock and paid-in surplus Accumulated...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners Equity 2017 2018 2017 2018 Current assets Current liabilities Accounts payable Cash $ 35,085 $ 38.480 $ 37,852 S 42,932 Accounts 18,151 28,396 Notes payable 19,708 16,725 receivable Inventory 3,820 42,912 Other 20,494 25,194 Total $ 57056 $ 109,788 Total $ 78,054 $ 84,851 Long-term debt $118,500 $181,793 Owners equity Common stock and paid-in surplus Accumulated retained $ 55,700 $55,700 269,812 308,127 earnings Fixed assets Net plant and...
Assets 2017 2018 SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,940 Accounts payable $ 38,802 28,846 Notes payable 20,208 43,112 Other 20,944 Current assets Cash Accounts receivable Inventory $ $ 35,585 18,401 3,970 43,182 17,100 25,594 Total $ 57,956 $ 110,898 Total $ 79,954 $ 85,876 Long-term debt $ 121,000 $ 186,846 $ 56,200 $ 56,200 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 266,387 303,409 Fixed assets...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,056 24,200 15,300 27,200 $ 62,196 $66,700 $ 23,284 $ 27,200 10,900 15,900 $ 46,955 54,000 90,000 93,294 Accounts Inventory Total Accounts payable Notes payable Other 12,548 12,000 receivable 25,592 11,671 Total Long-term debt Owners' equity Common stock and paid-in $42,000 42,000 surplus Accumulated retained 208,936 242,706 earnings...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 24,056 24,200 15,300 27,200 $ 62,196 $66,700 $ 23,284 $ 27,200 10,900 15,900 $ 46,955 54,000 90,000 93,294 Accounts Inventory Total Accounts payable Notes payable Other 12,548 12,000 receivable 25,592 11,671 Total Long-term debt Owners' equity Common stock and paid-in $42,000 42,000 surplus Accumulated retained 208,936 242,706 earnings...
Some recent financial statements for Smolira Golf Corp. follow SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 24,116 24,800 15,900 27,800 63,656 68,500 $23,884 27,800 11,500 15,700 $53,155 55,000 $76,000 80,259 Cash Accounts 13,148 26,392 Accounts payable Notes payable Other 17,000 receivable Inventory 12,271 Total Total Long-term debt Owners' equity Common stock and paid-in $40,000 40,00o surplus Accumulated retained 226,196 258,741 earnings Fixed assets Net plant...
SMOLIRA GOLF CORP 2017 and 2018 Balance Sheets 2018 Current liabilites 2017 2017 2018 Current Assets 34,385 37,837 Account payable 36,722 42,582 Cash Accounts Receivable 17,801 27,766 Notes payable 19,008 16,200 Inventory 36,310 42,632 Other 19,864 24,634 Total 88,496 108,235 Total 75,594 83,416 115,000 145,000 Fixed Assets Net plant and equipment 464,315 519,633 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings 55,000 55,000 307,217 344,452 362,217 399,452 Total Total liablities and owners' equity Total Assets 552,811.0...
SMOLIRA GOLF 2011 and 2012 Balance Sheets Liabilities and Owners' Equity 2011 Assets 2012 2012 2011 Current liabilities Current assets Cash Accounts receivable Inventory $ 23,184 12,000 11,571 $ 27,420 10,800 15,553 $ 24.255 15,235 27,155 Accounts payable Notes payable Other 24,046 12.448 25.392 $ 66,645 $ 46,755 $ 53.773 S 61.886 Total Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 80,000 $95,000 $ 40,000 219,826 $ 40,000 243,606 Fixed assets Net plant and...
Assets 2014 SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2015 2014 Current liabilities $ 24,600 Accounts payable $ 23,684 15,700 Notes payable 14,000 27,600 Other 12,071 2015 Current assets Cash Accounts receivable Inventory $ 24,096 12,948 26,242 $ 27,600 11,300 18,100 Total $ 63,286 $ 67,900 Total $ 49,755 $ 57,000 $ 74,000 $ 82,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 48,000 221,226 $ 48,000 242,000 Fixed assets...
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