SMOLIRA GOLF, INCORPORATED
Balance Sheets as of December 31, 2021 and 2022
Assets 2021 2022 Liabilities and Owners' Equity 2021 2022
Current assets Current liabilities
Cash $ 6,358 $7.866 Accounts payable $ 4,880 $ 5,381
Accounts receivable 9,248 11,445 Notes payable 3,959 4,479
Inventory 14,580 29,641 Other 198 429
Total $ 30,186 $ 48,952 Total $ 9,037 $ 10,289
Long-term debt $ 32,100 $ 40,000
Owners' equity
Common stock and paid-in surplus $ 40,000 $ 40,000
Fixed assets Accumulated retained earnings 39,410 65,869
Net plant and equipment $ 90,361 $ 107,206 Total $ 79,410 $ 105,869
Total assets $ 120,547 $ 156,158 Total liabilities and owners' equity $ 120,547 $ 156,158
SMOLIRA GOLF, INCORPORATED
2022 Income Statement
Sales $ 287,318
Cost of goods sold 220,396
Depreciation 10,913
EBIT $ 56,009
Interest paid 2,264
Taxable income $ 53,745
Taxes 11.286
Net income $ 42,459
Dividends $ 16,000
Retained earnings 26,459
Find the following year 2022 financial ratios for Smolira Golf (use year-end figures rather than
average values where appropriate):
Note: Do not round intermediate calculations and round your answers to 2 decimal places,
e.g., 32.16. Enter the profit margin, return on assets, and return on equity as a percent.
