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Financial statements for Askew Industries for 2021 are shown below (In thousands): 2021 Income Statement Net sales $ 9, eee Cost of goods sold (6,300)
Financial statements for Askew Industries for 2021 are shown below (In thousands): 2021 Income Statement Net sales $ 9, eee Cost of goods sold (6,300) Gross profit 2,700 Operating expenses (2,100) Interest expense (200) Income tax expense (100) Net income $ 3ee Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 600 bee see 2, eee $4,000 $ 500 408 600 2,100 $3,600 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,100 1,400 bee 900 $4,000 $ 850 1,400 tee 750 $3,600 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) %6 %6 %6 times 9%
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