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Homework answers / question archive / The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows

The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows

Accounting

The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented follows. (Amounts in thousands.)

MURAWSKI COMPANY
Balance Sheets
December 31
   

2020

  

2019
Current assets            
    Cash and cash equivalents   $ 352     $ 368  
    Accounts receivable (net)   414     486  
    Inventory   410     432  
    Prepaid expenses   142     110  
      Total current assets   1,318     1,396  
Investments   14     10  
Property, plant, and equipment   390     422  
Intangibles and other assets   508     540  
      Total assets   $2,230     $2,368  
Current liabilities   $ 778     $ 894  
Long-term liabilities   364     410  
Stockholders’ equity—common   1,088     1,064  
      Total liabilities and stockholders’ equity   $2,230     $2,368  

MURAWSKI COMPANY
Income Statements
For the Years Ended December 31
   

2020

  

2019
Sales revenue   $3,900     $3,810  
Costs and expenses            
    Cost of goods sold   896     978  
    Selling & administrative expenses   2,345     2,400  
    Interest expense   22     19  
      Total costs and expenses   3,263     3,397  
Income before income taxes   637     413  
Income tax expense   188     87  
Net income   $ 449     $ 326  

Compute the following ratios for 2020 and 2019. (Round current ratio and invertory turnover ratio to 2 decimal places, e.g. 1.62 or 1.62% and all other answers to 1 decimal place, e.g. 1.6 or 1.6%.)

(a)   Current ratio.
(b)   Inventory turnover. (Inventory on 12/31/18 was $340.)
(c)   Profit margin ratio.
(d)   Return on assets. (Assets on 12/31/18 were $1,908.)
(e)   Return on common stockholders’ equity. (Stockholders' equity on 12/31/18 was $890.)
(f)   Debt to assets ratio.
(g)   Times interest earned.

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