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Please show calculations/work/formula. thank you! Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,400 Cost
Please show calculations/work/formula. thank you!
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,400 Cost of goods sold (6,400) Gross profit 3,000 Operating expenses (2,200) Interest expense (240) Income tax expense (224) Net income $ 336 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 640 640 840 2,400 $4,520 $ 540 440 640 2,500 $4,120 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,340 1,600 640 940 $4,520 $1,090 1,600 640 790 $4, 120 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.) days days 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) % % % times %Step by Step Solution
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