Exercise 18-13 The condensed financial statements of Ness Company for the years 2019 and 2020 are presented below. Ness Company Balance Sheets December 31 (in thousands) 2020 2019 $360 $320 460 480 410 410 130 160 1,390 410 1,340 400 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 1 10 540 530 $2,341 $2,280 $820 441 $850 350 1,080 $2,341 1,080 $2,280 Ness Company Income Statements For the Years Ended December 31 (in thousands) 2020 2019 Sales revenue $3,870 $3,490 Costs and expenses Cost of goods sold 950 880 Selling & administrative expenses 2,440 2,360 Interest expense 10 20 Total costs and expenses 3,400 3,260 Income before income taxes 470 230 Income tax expense 188 92 Net income $282 $138 Compute the following ratios for 2020 and 2019. Inventory on December 31, 2018, was $330. Assets on December 31, 2018, were $1,890. Equity on December 31, 2018, was $950. (Round current ratio and inventory turnover to 2 decimal places, e.g. 15.25. Round other answers to 1 decimal place, e.g. 15.2 or 15.2%.) 2020 2019 (a) Current ratio :1 :1 (b) Inventory turnover ( times times (c) Profit margin % % (d) Return on assets % % (e) Return on common stockholders' equity % % (f) Debt to assets ratio % % (9) Times interest earned times times Click if you would like to show Work for this questionOnan Show Work