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The condensed financial statements of Bramble Company for the years 2021 and 2022 are as follows. Bramble Company Balance Sheets December 31 (in thousands)
The condensed financial statements of Bramble Company for the years 2021 and 2022 are as follows. Bramble Company Balance Sheets December 31 (in thousands) 2022 2021 Current assets Cash and cash equivalents $360 $380 Accounts receivable (net) 450 360 Inventory 480 430 Prepaid expenses 120 140 Total current assets 1,410 1,310 Property, plant, and equipment (net) 460 340 Investments 1 10 Other assets 540 540 Total assets $2,411 $2,200 Current liabilities $880 $850 Long-term liabilities 471 290 Stockholders' equity-common 1,060 1,060 Total liabilities and stockholders' equity $2,411 $2,200 Bramble Company Income Statements For the Years Ended December 31 (in thousands) Bramble Company Income Statements For the Years Ended December 31 (in thousands) Net sales 2022 2021 $3,760 $3,460 Expenses Cost of goods sold 990 890 Selling and administrative expenses 2,450 2,300 Interest expense 10 20 Total expenses 3,450 3,210 Income before income taxes 310 250 Income tax expense 124 100 Net income $186 $150 Compute the following ratios for 2022 and 2021. Inventory on December 31, 2020, was $360. Assets on December 31, 2020, were $1,870. Stockholders' equity-common on December 31, 2020, was $840. (Round current ratio and inventory turnover to 2 decimal places, g 15.25. Round other answers to 1 decimal place, e.g. 15.2 or 15.2%) (e) Current ratio (b) Inventory turnover (c) Profit margin (d) Return on assets (e) Return on common stockholders' equity 2022 :1 times % 2021 :1 times % %
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