Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help on b please (61) Compute the 2022 return on assets and the return on common stockholders' equity ratios for both companies. (Round answers
need help on b please
(61) Compute the 2022 return on assets and the return on common stockholders' equity ratios for both companies. (Round answers to 1 decimal place, e.g. 12.1%.) Concord Company Karen Company % % Return on assets % % Return on common stockholders' equity Here are comparative financial statement data for Concord Company and Karen Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Concord Company 2022 2021 $1,884,000 Karen Company 2022 2021 $559.000 Net sales 1,079,532 296,829 Cost of goods sold Operating expenses Interest expense 259,992 79.937 7,536 4,472 Income tax expense 54,636 6,149 Current assets 320,000 $314.200 82.300 $78,600 521.700 500,000 139,200 124,500 Plant assets (net) Current liabilities Long-term liabilities 65,400 74,600 36.400 30.600 108,400 89.800 29,200 25,400 Common stock, $10 par 498,000 498,000 117.000 117,000 Retained earnings 169.900 151,800 38.900 30,100 Dollars Percent Net Sales UF 1884000 100 % $ Cost of Goods Sold 1079532 i 57.3 i % Gross Profit 804468 42.7 % Operating Expenses 259992 13.8 i % Income From Operations 544476 28.9% Other Expenses and Losses Interest Expense 7536 0.4 i % Income Before Income Taxes + 536940 28.5 % Income Tax Expense 54636 2.9 % Net Income /(Loss) $ 492304 253 % Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started