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Return Ratios and Leverage The following selected data are taken from the financial statements of Redwood Enterprises: Sales revenue $648,000 Cost of goods sold 361,000 Gross profit $287,000 Selling and administrative expense 100,000 Operating income $187,000 Interest expense 50,000 Income before tax $137,000 Income tax expense (40%) 54,800 Net income $82,200 Accounts payable Accrued liabilities $45,000 70,000 10,000 Income taxes payable Interest payable Short-term loans payable Total current liabilities Long-term bonds payable Preferred stock, 10%, $100 par 25,000 150,000 $300,000 $500,000 $250,000 600,000 350,000 Common stock, no par Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,200,000 $2,000,000 Required: 1. Compute the following ratios for Redwood Enterprises: a. Return on sales b. Asset turnover (Assume that total assets at the beginning of the year were $1,600,000.) c. Return on assets d. Return on common stockholders' equity (Assume that the only changes in stockholders' equity during the year were from the net income for the year and dividends on the preferred stock.) When computing percentage amounts, carry out calculations to four decimal places, but enter your answers to two decimal places; for example, .17856 rounds to .1786 and would be entered as 17.86. a. Return on sales % b. Asset turnover (round to 2 decimal places) times c. Return on assets % d. Return on common stockholders' equity % 2. Comment on Evergreen's use of leverage. Has it successfully employed leverage? Yes, Evergreen has successfully employed leverage because; the return on the stockholders funds is less than the return to all the providers of capital. No, Evergreen has not successfully employed leverage because; the return on the stockholders funds is less than the return to all the providers of capital. Yes, Evergreen has successfully employed leverage because; amount of stockholders funds is less than the amount of outside funds. No, Evergreen has not successfully employed leverage because; amount of stockholders funds is less than the amount of outside funds