Problem 4-12 (Algo) Calculating activity and profitability ratios (L04-10] Financial statements for Askew Industries for 2021 are shown below (in thousands) 2021 Income Statement Net sales $ 8,900 Cost of goods sold (6,275) Gross profit 2,625 Operating expenses (2,075) Interest expense Income tax expense (144) Net income $ 216 (190) Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 590 590 790 1,900 $3,870 $ 490 390 590 2,000 $3,470 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,040 1,350 590 890 $3,870 $ 799 1,350 590 740 $3,470 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 1 Inventory turnover ratio 2 Average days in inventory 3. Receivables turnover ratio 4 Average collection period 5 Asset turnover ratio In... ------- days oblems i (144) Income tax expense Net income $ 216 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 590 599 790 1,900 $3,870 $ 490 390 590 2,000 $3,470 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,940 1,350 599 890 $3,870 $ 790 1,350 590 749 $3,470 s Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not rou 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 %