HCS 380 Wileyplus Exercise 13-13 (Solution with Excel file)
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The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
December 31 (in thousands)
Cash and cash equivalents $330 $360
Accounts receivable (net) 648 578
Inventory 655 585
Prepaid expenses 130 160
Total current assets 1,763 1,683
Property, plant, and equipment (net) 410 380
Investments 188 188
Intangibles and other assets 530 510
Total assets $2,891 $2,761
Current liabilities $998 $968
Long-term liabilities 675 575
Stockholders’ equity—common 1,218 1,218
Total liabilities and stockholders’ equity $2,891 $2,761
For the Year Ended December 31 (in thousands)
Sales revenue $3,995 $3,655
Costs and expenses
Cost of goods sold 1,148 1,068
Selling & administrative expenses 2,400 2,330
Interest expense 10 20
Total costs and expenses 3,558 3,418
Income before income taxes 437 237
Income tax expense 175 95
Net income $ 262 $ 142
Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.)
(a) Current ratio.
(b) Inventory turnover. (Inventory on December 31, 2012, was $400.)
(c) Profit margin.
(d) Return on assets. (Assets on December 31, 2012, were $2,700.)
(e) Return on common stockholders’ equity. (Equity on December 31, 2012, was $990.)
(f) Debt to assets ratio.
(g) Times interest earned.
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