Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve Below is the statement of income for Pembina Enterprises Ltd. for the year ended December 31, 2022. PEMBINA ENTERPRISES LTD. Statement of Income

please solve
image text in transcribed
image text in transcribed
Below is the statement of income for Pembina Enterprises Ltd. for the year ended December 31, 2022. PEMBINA ENTERPRISES LTD. Statement of Income Year Ended December 31 Sales $807,000 Cost of goods sold 564,900 Gross profit 242,100 Operating expenses 199,200 Income before income tax 42.900 Income tax expense 21,800 Net income $21,100 mation: 1. Total assets for 2022 and 2021 were $692,000 and $607,000, respectively. 2. Total equity for 2022 and 2021 was $497.000 and $447,000, respectively. 3. Preferred dividends of $11,000 were paid in 2022. Calculate the following ratios for 2022. (Round answers to 1 decimal place, eg. 5.2 or 5.2%.) (a) Profit margin % (b) Asset Turnover times (c) Return on Assets 96 (d) Return on Common Shareholders Equity 96 Gross profit margin %

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

Intermediate Accounting

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

3rd Edition

0136946690, 978-0136946694

More Books

Students also viewed these Accounting questions