a

b

The following selected information is for Laramie Corporation: 2021 2020 2019 Total assets $340,000 $264,000 $277,000 Total shareholders' equity 127,000 96,000 47,000 Sales 507,000 387,000 302,000 Cost of goods sold 375,180 284,832 167,000 Net income 32,448 30,573 20,500 Laramie had no preferred shares. Calculate the gross profit margin, profit margin, asset turnover return on assets, and return on common shareholders' equity ratios for 2021 and 2020. (Round gross profit margin, profit margin, return on assets and return on equity to 1 decimal place e.g. 2.6. Round asset turnover to 2 decimal places e.g. 6.21.) 2021 2020 Gross profit margin 96 % % Profit margin % % Asset turnover times times Return on assets % % %6 % Return on common shareholders' equity % Which of the following statements is true? Two recognition principles are the fair value basis of accounting and the going concern assumption. Fair value is fair value in use. Fair values may not always be representationally faithful. The fair value basis of accounting states that all assets and liabilities can be reported at fair value