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 $330
621
566
130
1,647
410
161
530
$2,748
$971
586
1,191
$2,748 $360
551
496
160
1,567
380
161
510
$2,618
$941
486
1,191
$2,618 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
Total assets
Current liabilities
Long-term liabilities
Stockholders’ equity—common
Total liabilities and stockholders’ equity ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
Sales revenue 2013 $3,906 $3,566 1,121
2,400
10
3,531
375
150
$ 225 1,041
2,330
20
3,391
175
70
$ 105 Costs and expenses
Cost of goods sold
Selling & administrative expenses
Interest expense
Total costs and expenses
Income before income taxes
Income tax expense
Net income Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g.
1.83 or 12.61%.)
(a)
(b)
(c)
(d)
(e)
(f)
(g) Current ratio.
Inventory turnover. (Inventory on December 31, 2012, was $370.)
Profit margin.
Return on assets. (Assets on December 31, 2012, were $2,820.)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $990.)
Debt to assets ratio.
Times interest earned.
2014 Current ratio. 2013
:1 :1 Inventory turnover.
Profit margin. % % Return on assets. % % % % Debt to assets ratio. % % Times interest earned. times times Return on commThe 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 $330
621
566
130
1,647
410
161
530
$2,748
$971
586
1,191
$2,748 $360
551
496
160
1,567
380
161
510
$2,618
$941
486
1,191
$2,618 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
Total assets
Current liabilities
Long-term liabilities
Stockholders’ equity—common
Total liabilities and stockholders’ equity ELLIOTT COMPANY
Income Statements
For the Year Ended December 31 (in thousands)
2014
Sales revenue 2013 $3,906 $3,566 1,121
2,400
10
3,531
375
150
$ 225 1,041
2,330
20
3,391
175
70
$ 105 Costs and expenses
Cost of goods sold
Selling & administrative expenses
Interest expense
Total costs and expenses
Income before income taxes
Income tax expense
Net income Compute the following ratios for 2014 and 2013. (Round all answers to 2 decimal places, e.g.
1.83 or 12.61%.)
(a)
(b)
(c)
(d)
(e)
(f)
(g) Current ratio.
Inventory turnover. (Inventory on December 31, 2012, was $370.)
Profit margin.
Return on assets. (Assets on December 31, 2012, were $2,820.)
Return on common stockholders’ equity. (Equity on December 31, 2012, was $990.)
Debt to assets ratio.
Times interest earned.
2014 Current ratio. 2013
:1 :1 Inventory turnover.
Profit margin. % % Return on assets. % % % % Debt to assets ratio. % % Times interest earned. times times Return on common stockholders’ equity.

on stockholders’ equity.

 

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