Joshua & White Technology: December 31 Balance Sheets (Thousands of Dollars)
	2019	2018
Assets
Cash	$ 21,000	$ 20,000
Short-term investments	3,759	3,240
Accounts receivable	52,500	48,000
Inventories	84,000	56,000
Total current assets	$161,259	$127,240
Net fixed assets	223,097	200,000
Total assets	$384,356	$327,240
Liabilities and Equity
Accounts payable	$ 33,600	$ 32,000
Accruals	12,600	12,000
Notes payable	19,929	6,480
Total current liabilities	$ 66,129	$ 50,480
Long-term debt	67,662	58,320
Total liabilities	$133,791	$108,800
Common stock	178,440	178,440
Retained earnings	72,125	40,000
Total common equity	$250,565	$218,440
Total liabilities and equity	$384,356	$327,240

Income Statements (Millions of Dollars)
	2019	2018
Sales	$420,000	$400,000
COGS excluding depreciation and amortization	300,000	298,000
Depreciation and amortization	19,660	18,000
Other operating expenses	27,600	22,000
EBIT	$ 72,740	$ 62,000
Interest expense	5,740	4,460
EBT	$ 67,000	$ 57,540
Taxes (25%)	16,750	14,385
Net income	$ 50,250	$ 34,524
Common dividends	$ 18,125	$ 17,262
Additions to retained earnings	$ 32,125	$ 17,262

1. Compute the following ratios for 2018 and 2019 and comment on any changes you see.
   1. Current ratio
   2. Inventory turnover
   3. Receivables turnover
   4. Total asset turnover
   5. Net profit margin
   6. Times interest earned
   7. ROE
   8. ROA
   9. Debt-equity ratio