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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,800 Cost of goods sold (6,200 )

Financial statements for Askew Industries for 2021 are shown below (in thousands):

2021 Income Statement
Net sales $ 8,800
Cost of goods sold (6,200 )
Gross profit 2,600
Operating expenses (2,000 )
Interest expense (160 )
Income tax expense (176 )
Net income $ 264
Comparative Balance Sheets
Dec. 31
2021 2020
Assets
Cash $ 560 $ 460
Accounts receivable 560 360
Inventory 760 560
Property, plant, and equipment (net) 1,600 1,700
$ 3,480 $ 3,080
Liabilities and Shareholders Equity
Current liabilities $ 860 $ 610
Bonds payable 1,200 1,200
Common stock 560 560
Retained earnings 860 710
$ 3,480 $ 3,080

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.)

image text in transcribed

days 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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