Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following condensed information is reported by Sporting Collectibles. 2021 2020 - $12,580,000 8,164, 420 388,500 $8,900,000 6,400,000 298,000 Income Statement Information Sales revenue Cost
The following condensed information is reported by Sporting Collectibles. 2021 2020 - $12,580,000 8,164, 420 388,500 $8,900,000 6,400,000 298,000 Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 1,650,000 2,250,000 $ 3,900,000 $ 1,250,000 1,450,000 850,000 350,000 $ 3,900,000 $1,550,000 1,950,000 $3,500,000 $ 950,000 1,450,000 850,000 250,000 $3,500,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Return on assets % % % c. Profit margin d. Asset turnover e. Return on equity times % Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 1,250,000 $ 950,000 1,450,000 1,450,000 850,000 850,000 350,000 250,000 $ 3,900,000 $3,500,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) % Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity % % times % 2. Determine the amount of dividends paid to shareholders in 2021. The amount of dividends paid
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started