The condensed financial statements of Soule Company for the years 2013 and 2014 are presented below. Soule Company Balance Sheets (in EUR) December 31 2014 2013 Current Assets Cash and cash equivalents 330 360 Accounts receivable (net) 470 433 Invnetory 430 390 Prepaid expenses 120 160 Total Current Assets 1,350 1,343 Property, plant, and equipment 420 380 Investments 10 10 Intangibles and other assets 530 510 Total Assets 2,310 2,243 Current Liabilities 900 810 Long-term liabilities 390 393 Stockholders' equity - common 1,020 1,040 Total liabilities and stockholders' equity 2,310 2,243 Soule Company Income Statements For the year ended December 31 2014 2013 Sales revenue 4,000 3,600 Cost and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Internet expenses 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606 355 Income tax expense 242 142 Net income 364 213 Compute the current ratio for year 2014.
The condensed financial statements of Soule Company for the years 2013 and 2014 are presented below.
Soule Company
December 31
2014 2013
Current Assets
Cash and cash equivalents 330 360
Invnetory 430 390
Prepaid expenses 120 160
Total Current Assets 1,350 1,343
Property, plant, and equipment 420 380
Investments 10 10
Intangibles and other assets 530 510
Total Assets 2,310 2,243
Current Liabilities 900 810
Long-term liabilities 390 393
Total liabilities and stockholders' equity 2,310 2,243
Soule Company
Income Statements
For the year ended December 31
2014 2013
Sales revenue 4,000 3,600
Cost and expenses
Cost of goods sold 984 895
Selling and administrative expenses 2,400 2,330
Internet expenses 10 20
Total costs and expenses 3,394 3,245
Income before income taxes 606 355
Income tax expense 242 142
Net income 364 213
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