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 Current assets Cash and cash equivalents $350 $330 Accounts receivable (net) 430 380 Inventory 510 420 Prepaid expenses 140 150 Total current assets 1,430 1,280 Property, plant, and equipment (net) 440 350 Investments 1 10 Intangibles and other assets 520 520 Total assets $2,391 $2,160 Current liabilities $820 $860 Long-term liabilities 571 300 Stockholders' equity-common 1,000 1,000 Total liabilities and stockholders' equity $2,391 $2,160 Ness Company Income Statements For the Years Ended December 31 (in thousands) 2020 2019 Sales revenue $3,790 $3,450 Costs and expenses Cost of goods sold 920 860 Selling & administrative expenses 2,360 2,370 Interest expense 10 20 Total costs and expenses 3,290 3,250 Income before income taxes 500 200 Income tax expense 200 80 Net income $300 $120 Compute the following ratios for 2020 and 2019. Inventory on December 31, 2018, was $340. Assets on December 31, 2018, were $1,920. Equity on December 31, 2018, was $980. (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