Exhibit 4-1

Given the following information for Blue Bell Company for last year:

Net sales (all on account) $5,200,000

Cost of goods sold 2,080,000

Interest expense 240,000

Income tax expense 280,000

Net income 420,000

Income tax rate 40%

Total assets:

January 1 $1,800,000

December 31 2,400,000

Shareholders' equity (all common):

January 1 1,500,000

December 31 1,600,000

Current assets, December 31 700,000

Quick assets, December 31 400,000

Current liabilities, December 31 300,000

Net accounts receivable:

January 1 200,000

December 31 180,000

Inventory:

January 1 210,000

December 31 250,000

3. Refer to Exhibit 4-1. Blue Bell's return on assets for the year was
   1. 17.5%
   2. 20.0%
   3. 26.9%
   4. 31.4%