CRANE COMPANY Income Statements For the Year Ended December 31 Sales revenue 2022 2021 $3,920 $3,580 Costs and expenses Cost of goods sold 1,055 990 Selling & administrative expenses 2,400 2,330 Interest expense 25 20 Total costs and expenses 3,480 3,340 440 240 132 72 $ 308 $ 168 Income before income taxes Income tax expense Net income Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%.) (a) Current ratio. (b) Inventory turnover. (Inventory on 12/31/20, was $450.) (c) Profit margin. (d) Return on assets. (Assets on 12/31/20, were $2,670.) (e) Return on common stockholders' equity. (Stockholders' equity on 12/31/20, was $940.) (f) Debt to assets ratio. (g) Times interest earned. Current ratio. Inventory turnover. Profit margin. Return on assets. x 2022 1.53 :1 2021 1.65 1 x Return on common stockholders' equity. Debt to assets ratio. Times interest earned. 2.24 2.14 7.53 % 4.23 % 12.34 % 27.33 % x 5.96 % 13.86 % 56.06 % 53.09 % 17.4 times 11.5 times The condensed financial statements of Crane Company for the years 2021 and 2022 are presented as follows. (Amounts in thousands.) CRANE COMPANY Current assets Balance Sheets December 31 2022 2021 Cash and cash equivalents $330 $360 Accounts receivable (net) 570 500 Inventory 580 510 Prepaid expenses 120 160 Total current assets 1,600 1,530 Investments 110 110 Property, plant, and equipment (net) 420 380 Intangibles and other assets 530 510 Total assets $2,660 $2,530 Current liabilities $1,000 $890 Long-term liabilities 530 500 Stockholders' equity-common 1,130 1,140 Total liabilities and stockholders' equity $2,660 $2,530