Analytical procedures are evaluations of financial information made by a study of plausibl...

Analytical procedures are evaluations of financial information made by a study of plausible relationships among financial and nonfinancial data. Understanding and evaluating such relationships are essential to the audit process.

The following financial statements were prepared by ABC Manufacturing Co. for the year ended December 31, 2013. Also presented are various financial statement ratios for ABC as calculated from the prior-year financial statements. Sales represent net credit sales. The total assets and the receivables and inventory balances at December 31, 2013, were the same as at December 31, 2012.

Required:

Items 1 through 9 below represent financial ratios that the auditor calculated during the prior-year audit. For each ratio, calculate the current-year ratio from the financial statements presented above.