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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement 9,800 (6,500) 3,300 (2,300) (280) (288) Net sales Cost of
Financial statements for Askew Industries for 2021 are shown below (in thousands):
2021 Income Statement 9,800 (6,500) 3,300 (2,300) (280) (288) Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense 432 Net income Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash 680 580 Accounts receivable Inventory Property, plant, and equipment (net) 680 480 880 680 2,800 $5,040 2,900 $4,640 Liabilities and Shareholders' Equity Current liabilities $1,580 1,800 680 $1,330 1,800 680 Bonds payable Common stock Retained earnings 980 830 $5,040 $4,640 Required: Calculate the following ratios for 2021. answers to 2 decimal places.) ider 365 days a year. Do not round interm iate calculations and rou your final 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) 8.33 43.82 days 16.90 21.60 days times %Step by Step Solution
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