The following financial data are adapted from the annual reports of Curan Corporation:

Curan Corporation
FourYear Selected Financial Data
Years Ended January 31, 2014, 2013, 2012, and 2011
Operating Results*	2014	2013	2012	2011
Net Sales	$13,950	$13,710	$11,710	$8,080
Cost of goods sold	8,840	8,470	6,580	5,810
Interest expense	110	71	39	44
Income from operations	1,930	1,360	2,110	1,400
Net earnings (net loss)	1,450	810	1,080	810
Cash dividends	75	73	75	76
Financial Position
Merchandise inventory	1,490	1,850	1,420	1,052
Total assets	7,420	6,920	5,040	3,210
Current ratio	1.55	1.30	1.50	1.35
Stockholders' equity	3,360	2,910	2,150	1,420
Average number of shares of
common stock outstanding
(in thousands)	740	760	840	620
* Dollar amounts are in thousands.

Begin by calculationg the ratios for 2012 through 2014. Select the formula for each ratio, then enter the amounts to compute the ratio for each year.

A. Inventory Turnover. (round to 2 decimal places)

Cost of goods sold / Average Inventory = Inventory turnover

2014 _________ / _________ = _________

2013 _________ / _________ = _________

2012 _________ / _________ = _________

B. Gross margin (profit) percentage (enter each ratio as a percentage rounded to 1 decimal place (X.X%))

gross margin / net sales = Gross margin (profit) percentage

2014 _________ / _________ = _________ %

2013 _________ / _________ = _________ %

2012 _________ / _________ = _________ %

C. Operating income (profit) percentage. (Enter each ratio as percentage rounded to 1 decimal place)

operating income / net sales = Operating Income %

2014 _________ / _________ = _________ %

2013 _________ / _________ = _________ %

2012 _________ / _________ = _________ %

D. Rate of return on sales. (enter each ratio as a percentage rounded to one decimal place)

net income / Net sales = rate of return on sales

2014 _________ / _________ = _________ %

2013 _________ / _________ = _________ %

2012 _________ / _________ = _________ %

E. Asset Turnover. (round dollar amounts to the nearest cent. Round the ratios to 3 places, (X.XXX))

Net Sales / Average total assets = Asset Turnover

2014 _________ / _________ = _________

2013 _________ / _________ = _________

2012 _________ / _________ = _________

F. Rate of return on assets (ROA). Use the DuPont formula. (round Percentages to 1 decimal place. And other component ratios to 3 decimal places)

Rate of return on sales x Asset turnover = Return on assets (ROA)

2014 _________ % x _________ = _________ %

2013 _________ % x _________ = _________ %

2012 _________ % x _________ = _________ %

G. leverage ratio

average total assets / average common stockholders' equity = leverage ratio

2014 ___________ / __________ = _________

2013 ___________ / __________ = _________

2012 ___________ / __________ = _________

H. Rate of return on stockholders equity (ROE). Use the DuPont formula. (Round percentagesto 1 decimal place and other component ratios to 3 decimal places)

Rate of return on sales x Leverage ratio = ROE

2014 _________ % x _________ = _________ %

2013 _________ % x _________ = _________ %

2012 _________ % x _________ = _________ %

I. Times interest earned. (round the ratios to 1 decimal place)

Income from Operations / Interest Expense= Times interest earned ratio

2014 _________ / _________ = _________

2013 _________ / _________ = _________

2012 _________ / _________ = _________

J. Earnings Per Share (for zero amounts, enter 0 in the appropriate cell. Round EPS to the nearest cent.)

(Net income -preferred dividends) / common shares outstanding = EPS

2014 ( _______ - _______ ) / _______ = _______

2013 ( _______ - _______ ) / _______ = _______ 2012 ( _______ - _______ ) / _______ = _______

Are operations strong or weak? Did they improve or deteriorate during the 3 year period?

Curan's operating results are _____ (weak, strong)

The operating income % andrate of return on assets have ____ (deteriorated, improved) in 2014.

The final result in 2014 was ____ (decrease,increase) in net incomeand earners per share.

This yielded a _____ (negative, positive) ROA and a _____ (negative, positive) ROE.