The comparative financial statements prepared at December 31, 2014, for Pinnacle Plus showed the following summarized data:

	2014			2013
Income Statement
Sales Revenue*	$	111,000		$	100,000
Cost of Goods Sold		52,400			48,400
Gross Profit		58,600			51,600
Operating Expenses		36,300			33,300
Interest Expense		4,100			4,100
Income before Income Tax Expense		18,200			14,200
Income Tax Expense (30%)		5,460			4,260
Net Income	$	12,740		$	9,940
Balance Sheet
Cash	$	53,666		$	15,980
Accounts Receivable, Net		38,000			32,500
Inventory		25,500			39,000
Property and equipment, Net		97,000			107,000
Total Assets	$	214,166		$	194,480
Accounts Payable	$	48,016		$	34,870
Income Taxes Payable		1,010			510
Note Payable, Long-Term		41,000			41,000
Total Liabilities		90,026			76,380
Contributed Capital (9,050 shares)		90,500			90,500
Retained Earnings		33,640			27,600
Total Liabilities and Shareholders' Equity	$	214,166		$	194,480

* One-half of all sales are on credit.

During 2014, cash dividends amounting to $6,700 were declared and paid.

Required:

5-a.	Net property and equipment totalled $112,000 at the end of 2012. Compute the fixed asset turnover ratios for 2014 and 2013. (Round your answers to 2 decimal places.)

5-b.	Is the trend going in the right direction?
	No Yes

6-a.	Compute the debt-to-assets ratios for 2014 and 2013. (Round your answers to 2 decimal places.)

6-b.	Is debt providing financing for a larger or smaller proportion of the company's asset growth?
	Smaller proportion Larger proportion

7-a.	Compute the times interest earned ratios for 2014 and 2013. (Round your answers to 1 decimal place.)

7-b.	Does the outcome of ratio in 2014 appears to be good or bad for the company?
	Good Bad

8-a.	After Pinnacle Plus released its 2014 financial statements, the company's shares were trading at $34.20. After the release of its 2013 financial statements, the company's share price was $28.30 per share. Compute the P/E ratios for both years. (Round your answers to 1 decimal place.)

8-b.	Does it appear that investors have become more (or less) optimistic about Pinnacle's future success?
	Less optimistic More optimistic

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