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HCS 380 Wileyplus   Exercise 13-13 (Solution with Excel file)
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HCS 380 Wileyplus Exercise 13-13 (Solution with Excel file)

This Tutorial was purchased 4 times & rated A+ by student like you.

 

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  • HCS 380 Wileyplus Exercise 13-13 (Solution with Excel file).xlsx

Just enter the value and get the answer, this excel file will work for any value

 

 

The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.

 

ELLIOTT COMPANY

Balance Sheets

December 31 (in thousands)

2014    2013

Current assets

   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

 

ELLIOTT COMPANY

Income Statements

For the Year Ended December 31 (in thousands)

2014    2013

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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