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Financial statements for Askew Industries for 2021 are shown below (in thousands): Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do
Financial statements for Askew Industries for 2021 are shown below (in thousands):
Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.)
2021 Income Statement Net sales $ 9,823 Cost of goods sold (6,500) Gross profit 3,300 Operating expenses (2,300) Interest expense (280) Income tax expense (288) Net income $ 432 Comparative Balance Sheets Dec. 31 2021 2029 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 680 $ 589 689489 889 689 2,800 2,900 $5,840 $4,640 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1.580 1,800 $1.330 1.800 688 688 989839 $5,640 $4,640 8.33 43.82 days 16.90 21.60 days 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assets 8. Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) times
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