Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help me do the rest please Financial statements for Askew Industries for 2021 are shown below in thousands): 2021 Income statement Nat salos $ 8,900

help me do the rest please image text in transcribed
image text in transcribed
Financial statements for Askew Industries for 2021 are shown below in thousands): 2021 Income statement Nat salos $ 8,900 Coat of goods sold 16,275) Gross profit 2,625 Operating expenses (2,075) Interest expense (190) Income tax expense (144) Net income $ 216 Comparative Balance Sheets Dec. 31 2021 2020 $ Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) 590 590 790 490 390 590 2.000 $3,470 1,900 $3,870 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,040 1,350 590 390 $3.970 $ 790 1,350 590 740 $3.470 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.) 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.) 9.09 40.151 days 20.10 days 1. Inventory turnover ratio 2. Average days in Inventory 3. Receivables tumover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Retum on assets 8. Return on equity 9. Equity multiplier 10. Retum on equity (using the DuPont framework)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Front Office Operations And Night Audit Workbook

Authors: Patrick J. Moreo, Gail Sammons, Jim Dougan, James Dougan

1st Edition

0133987698, 978-0133987690

More Books

Students also viewed these Accounting questions