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(solution) Exercise 13-13 Your answer is incorrect. Try again. The condensed


Exercise 13-13
Your answer is incorrect.  Try again.
   
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.

2014 2013
Current ratio.  :1  :1
Inventory turnover.
Profit margin.  %  %
Return on assets.  %  %
Return on common stockholders? equity.  %  %
Debt to assets ratio.  %  %
Times interest earned.  times  times
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Current assets Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses Total current assets

 

Property, plant, and equipment (net)

 

Investments

 

Intangibles and other assets...

 


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