The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented...
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Accounting
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The condensed financial statements of Elliott Company for the years 2013 and 2014 are presented below.
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| 2014 | 2013 |
| Sales revenue | $3,800 | $3,460 |
| Costs and expenses |
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| Cost of goods sold | 970 | 890 |
| Selling & administrative expenses | 2,400 | 2,330 |
| Interest expense | 10 | 20 |
| Total costs and expenses | 3,380 | 3,240 |
| Income before income taxes | 420 | 220 |
| Income tax expense | 168 | 88 |
| Net income | $ 252 | $ 132 |
Compute the following ratios for 2014 and 2013.
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Current ratio.
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Inventory turnover. (Inventory on December 31, 2012, was $340.)
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Profit margin.
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Return on assets. (Assets on December 31, 2012, were $1,900.)
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Return on common stockholders
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