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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 Gross profit
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,800 Cost of goods sold Gross profit (6,250) 2,550 Operating expenses (2,050) Interest expense (180) Income tax expense (128) Net income $ 192 Comparative Balance Sheets Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings Dec. 31 2021 2020 $ 580 580 $ 480 380 780 580 1,800 1,900 $3,740 $3,340 $ 980 $ 730 1,300 1,300. 580 880 580 730 $3,740 $3,340 Required: 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.) 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 9.19 39.72 days 18.33 19 91 days 248.58 2.18 % 8 Return on equity 9 Equity multiplier 10 Return on equity (using the DuPont framework) % % times Prey
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