Speed is calculated by multiplying the time of travel by the distance traveled.

Actually, No.  That operation doesn't give you the speed, and that statement is false.  

One clue is the units.  If you multiply time by distance, you'd get an answer with units of hour-miles or second-meters.  These are absurd units, with no physical significance.

Speed = (distance covered) DIVIDED BY (time to cover the distance)

When you divide distance by time, you get an answer with units like "miles per hour" or "meters per second".  Without going into a long-winded discussion, I can't PROVE to you that this is actually the correct speed, but  these units sure do smell a lot better.

when two balls of the different masses are dropped from equal height, they reach the ground at the same time .this is because they experience the same acceleration.

the acceleration is independent of mass.

thus when they are dropped they will always maintain the same velocity and travel the same distance (neglect air resistance of course) at the same time.