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Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $200,000. All sales were on account. Assets at the beginning of
Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $200,000. All sales were on account. Assets at the beginning of the year totaled $1,010,000, and the stockholders' equity totaled $555,000. Required: Compute the following: 1. Gross margin percentage. [Round your percentage answer to 2 decimal places [i.e., 0.1234 should be entered as 12.34].] 2. Net prot margin percentage. [Round your answer to the nearest whole percentage place [i.e.I 0.1234 should be entered as 1230].] 3. Retum on total assets. [Round your percentage answer to 1 decimal place [i.e., 0.1234 should be entered as 12.3].] 4. Retum on equity. [Round your percentage answer to 1 decimal place [i.e.l 0.1234 should be entered as 12.3].]
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