ancial statements for Smolira Golf Corporation follow. SMOLIRA GOLF CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets Current liabilities Cash $ 24,076 $ 24,400 Accounts payable $ 23,484 $ 27,400 Accounts receivable 12,748 15,500 Notes payable 13,000 11,100 Inventory 25,742 27,400 Other 11,871 17,500 Total $ 62,566 $ 67,300 Total $ 48,355 $ 56,000 Long-term debt $ 72,000 $ 84,000 Owners’ equity Common stock and paid-in surplus $ 45,000 $ 45,000 Accumulated retained earnings 224,906 245,000 Fixed assets Net plant and equipment $ 327,695 $ 362,700 Total $ 269,906 $ 290,000 Total assets $ 390,261 $ 430,000 Total liabilities and owners’ equity $ 390,261 $ 430,000 SMOLIRA GOLF CORPORATION 2021 Income Statement Sales $ 378,618 Cost of goods sold 254,000 Depreciation 56,150 Earnings before interest and taxes $ 68,468 Interest paid 14,600 Taxable income $ 53,868 Taxes 10,774 Net income $ 43,094 Dividends $ 23,000 Retained earnings 20,094 Smolira Golf Corporation has 20,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2021 was $27. What is Tobin’s Q for Smolira Golf? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Tobin’s Q
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Some recent financial statements for Smolira Golf Corporation follow. |
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SMOLIRA GOLF CORPORATION |
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2020 and 2021 Balance Sheets |
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Assets |
2020 |
2021 |
Liabilities and Owners’ Equity |
2020 |
2021 |
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Current assets |
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Current liabilities |
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Cash |
$ 24,076 |
$ 24,400 |
Accounts payable |
$ 23,484 |
$ 27,400 |
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Accounts receivable |
12,748 |
15,500 |
Notes payable |
13,000 |
11,100 |
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Inventory |
25,742 |
27,400 |
Other |
11,871 |
17,500 |
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Total |
$ 62,566 |
$ 67,300 |
Total |
$ 48,355 |
$ 56,000 |
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Long-term debt |
$ 72,000 |
$ 84,000 |
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Owners’ equity |
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Common stock and paid-in surplus |
$ 45,000 |
$ 45,000 |
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224,906 |
245,000 |
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Fixed assets |
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Net plant and equipment |
$ 327,695 |
$ 362,700 |
Total |
$ 269,906 |
$ 290,000 |
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Total assets |
$ 390,261 |
$ 430,000 |
Total liabilities and owners’ equity |
$ 390,261 |
$ 430,000 |
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SMOLIRA GOLF CORPORATION |
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2021 Income Statement |
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Sales |
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$ 378,618 |
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Cost of goods sold |
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254,000 |
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Depreciation |
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56,150 |
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Earnings before interest and taxes |
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$ 68,468 |
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Interest paid |
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14,600 |
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Taxable income |
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$ 53,868 |
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Taxes |
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10,774 |
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Net income |
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$ 43,094 |
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Dividends |
$ 23,000 |
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Retained earnings |
20,094 |
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Smolira Golf Corporation has 20,000 shares of common stock outstanding, and the market price for a share of stock at the end of 2021 was $27. |
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What is Tobin’s Q for Smolira Golf? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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