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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,900 Cost of goods sold (6,225) Gross
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,900 Cost of goods sold (6,225) Gross profit 2,675 Operating expenses (2,025) Interest expense (170) Income tax expense (192) Net income $ 288 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 570 570 770 1,700 $3,610 $ 470 370 570 1,800 $3,210 Liabilities and shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $ 920 1,250 570 870 $ 670 1,250 570 720 $3,610 $3,210 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.) 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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