Performance Evaluation (Ratios)

Lava Lover Corporation ("LL Corp") manufactures and sells novelty melting wax and glitter lights.Select data from the 2021 and 2022 financial statements are below:

	2021	2022
Sales	275,000	350,000
Net Income	60,000
Total Assets	300,000
Required Return	10%
Return on Investment		15%
Profit Margin		12%
Asset Turnover		1.25
Residual Income		14,000

Hint: Refer to the formula sheet at the end of the packet.

Required:

1. Calculate the missing ratios for 2021
2. Calculate Net Income, Total Assets, and Required Return for 2022