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Need help with incorrect answers and please show how you got the answer! Profitabety Ratios Last Point Retail, Inc., sells professional women's apparel through company-owned
Need help with incorrect answers and please show how you got the answer! Profitabety Ratios Last Point Retail, Inc., sells professional women's apparel through company-owned retail stores. Recent financial information for East Point is provided below (all numbers in thousan Fiscal Year 3 Fiscal Year 2 Net Income $139,200 $71,700 Interest expense 2,800 10,700 Fiscal Year 3 Fiscal Year 2 Fiscal Year 1 Total assets (at end of fiscal year) $3,307,955 53,146,591 $2,739,123 Total stockholders' equity (at end of fiscal year) 976,334 957,000 710,442 Assume the apparel Industry average return on total assets is 8.0%, and the average return on stockholders' equity is 15.0% for the year ended April 2. Year 3 a. Determine the return on total assets for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 0.45 X 4 Fiscal Year 2 0.24 X b. Determine the return on stockholders' equity for East Point for fiscal Years 2 and 3. Round to one decimal place. Fiscal Year 3 1.4 Fiscal Year 2 8.6 %
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