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 $320 510 490 $320 400 380 170 1,270 410 140 1,460 450 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 10 590 $2,501 $820 470 $2,160 $820 260 1,080 601 1,080 $2,501 $2,160 Ness Company Income Statements For the Years Ended December 31 (in thousands) 2020 2019 Sales revenue $3,770 $3,420 Costs and expenses Cost of goods sold 980 870 Selling & administrative expenses 2,430 2,300 Interest expense 10 20 Total costs and expenses 3,420 Income before income taxes 350 230 Income tax expense 140 92 Net income $210 $138 3,190 Compute the following ratios for 2020 and 2019. Inventory on December 31, 2018, was $300. Assets on December 31, 2018, were $1,890. Equity on December 31, 2018, was $970. (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%.) Compute the following ratios for 2020 and 2019. Inventory on December 31, 2018, was $300. Assets on December 31, 2018, were $1,890. Equity on December 31, 2018, was $970. (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 question: Open Show Work