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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,500 Cost of goods sold (6,425) Gross
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,500 Cost of goods sold (6,425) Gross profit 3,075 Operating expenses (2,225) Interest expense (250) Income tax expense (240) Net income $ 360 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 650 650 850 2,500 $4,650 $ 550 450 650 2,600 $4,250 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,400 1,650 650 950 $4,650 $1,150 1,650 650 800 $4,250 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 2 Receivables turnover ratio 4. Average collection period 5 Asset turnover ratio 6. Profit margin on sales 7 Return on assets B Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) 96 % % times %
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