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The condensed financial statements of Sandhill Co. for the vears 2021 and 2022 are as follows. SANDHILL CO. Income Statements For the Years Ended December
The condensed financial statements of Sandhill Co. for the vears 2021 and 2022 are as follows. SANDHILL CO. Income Statements For the Years Ended December 31 (in thousands) \begin{tabular}{|c|c|c|} \hline & 2022 & 2021 \\ \hline Sales revenue & $3,910 & $3,570 \\ \hline \multicolumn{3}{|l|}{ Costs and expenses } \\ \hline Cost of goods sold & 1,080 & 1,000 \\ \hline Selling \& administrative expenses & 2,400 & 2,330 \\ \hline Interest expense & 10 & 20 \\ \hline Total costs and expenses & 3,490 & 3,350 \\ \hline Income before income taxes & 420 & 220 \\ \hline Income tax expense & 168 & 88 \\ \hline Net income & $252 & $132 \\ \hline \end{tabular} Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g 1.83. Round profit margin, return on assets, return on common stockholder equity and debt to assets ratio to 1 decimal place, e.g. 12.6%.)
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