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compute return on total assets and return on equity also can you let me know if my other andwers are correct The financial statements for

compute return on total assets and return on equity
also can you let me know if my other andwers are correct image text in transcribed
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The financial statements for Castile Products, Inc., are given below: Cartile Products, Ine. Balance Sheet December 31 Assets Current asseta Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current asseta Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities Current liabilities Bonda payable, 94 Total liabilities Stockholders' equity! Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 24,000 230,000 360,000 9,000 623,000 890,000 $1,513,000 $ 240,000 380,000 620,000 $ 120,000 773,000 893,000 $1,513,000 Cantile Products, Ine. Income Statement For the Year Ended December 31 Sales $2,210,000 Coat of goods sold 1,180,000 Gross margin 1,030,000 Selling and administrative expenses 610.000 Net operating income 420,000 Interest expense 34,200 Net Income before taxes 385,800 Income taxes (304) 115,740 Net income $ 270,060 Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $360,000. All sales were on Account balances at the beginning of the year were: accounts receivable, $190,000; and Inventory, $360,000. All sales were on account. Assets at the beginning of the year totaled $1,010,000, and the stockholders' equilty totaled $695,000 Required: Compute the following: (For Requirements 1 to 4, enter your percentage answers rounded to 2 decimal places (l.e., 0.1234 should be entered as 12.34).) 1. Gross margin percentage. 2. Net profit margin percentage. 3. Return on total assets. 4. Return on equity 5. Was financial leverage positive or negative for the year? 46.60% 12 211 1. Gross margin percentage 2. Net profit margin percentage 3. Return on total assets 4. Return on equity 5. Financial Leverage Positive

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