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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 (6,150) Gross
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,800 Cost of goods sold (6,150) Gross profit 2,650 Operating expenses (1,950) Interest expense (140) Income tax expense (224) Net income $ 336 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 540 540 740 1,400 $3,220 $ 440 340 540 1,500 $2,820 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $ 740 1,100 540 840 $3,220 $ 490 1,100 540 690 820 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.) 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.) X Answer is complete but not entirely correct. 1. 9.61 2. 37.98 days 3. 20.00 4. 18.25 days | Inventory turnover ratio Average days in inventory Receivables turnover ratio Average collection period set turnover ratio Profit margin on sales Return on assets Return on equity Equity multiplier Return on equity (using the DuPont framework) 6. % 3.81 11.12 7. % 8. 25.74 % 2.31 times 25.69 X % 10
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