Some recent financial statements for Smolira Golf, Inc., follow.SMOLIRA GOLF, INC.Balance Sheets as of December 31, 2018 and 20192018201920182019AssetsLlabiltles and Owners' EqultyCurrent assetsCurrent liabilities$ 2,198 $ 2,690$ 2,941 $ 2,857 Accounts payable4,72212,658CashNotes payableOtherAccounts recelvable5,69113,6921,7952,206116Inventory99Total$20,321 $22,240Total$ 4,092 $ 5,012$ 14,200 $16,960Long-term debtOwners' equityCommon stock42,500and paid-in surplus$42,500 $Accumulated retained39,769Flxed assets15,699earningsNet plant and82,269$56,170 $ 82,001Total$ 58,199 $equipmentTotal liabilitles and owners'104,241Total assets$76,491 $104,241$ 76,491 $equitySMOLIRA GOLF, INC.2019 Income StatementSales$189,170Cost of goods soldDepreclation127,1035,243$56,8241,340EBITInterest paldTaxable Income$55,484Тахes19,419Net Income$36,065Dividends$ 11,99524,070Retalned earnings Construct the DuPont Identity for Smolira Golf. (Do not round Intermedlate calculationsand round your answers to 2 decimal places, e.g., 32.16. Enter the profit margln andreturn on equlty as a percent.)Profit margin%Total asset tumoverEquity multiplierReturn on equitytimestimes%

Profit Margin = Net Income / Sales x 100. Net Income = $36065 Sales = $189170 Net Margin =…

Answered: lira Golf, Inc., follow. MOLIRA GOLF,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit $25,300 Accounts Receivable 14,300 Allowance for Uncollectible Accounts $1,600 Supplies 3,200 Notes Receivable (6%, due in 2 years) 27,000 Land 77,700 Accounts Payable 9,800 103,000 33,100 $147,500 $147,500 Common Stock Retained Earnings Totals During January 2024, the following transactions occur: January 2 Provide services to customers for cash, $42,100. Write off accounts receivable as uncollectible, $1,800. (Assume the company uses the allowance method) Pay cash for salaries, $32,100. January 6 Provide services to customers on account, $79,400. January 15 January 20 January 22 Receive cash on accounts receivable, $77,000. January 25 Pay cash on accounts payable, $6,200. January 30 Pay cash for utilities during January, $14,400. 3. Prepare an adjusted trial…
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Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…

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lira Golf, Inc., follow. MOLIRA GOLF, INc. is of December 31, 20 19 Llabi Current llabilitle 857 Accounts pay 5,691 Notes payabl ,692 Other