Ratios Analyzing Firm Profitability The following information is available for Jay Company: Annual Data 2019 2018 Net sales $9,000,000 $8,200,000 Gross profit on sales 3,050,000 2,736,000 Net income 567,600 500,000 Year-End Data Total assets Stockholders' equity Dec. 31, 2019 Dec. 31, 2018 $6,500,000 $6,000,000 5,000,000 3,200,000 Calculate the following ratios for 2019: Note: Round answers to one decimal place, unless otherwise noted. a. Gross profit percentage b. Return on sales C. Asset turnover (Round answer to two decimal places.) d. Return on assets e. Return on common stockholders' equity (Jay Company has no preferred stock.) Save Answers