Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following condensed information is reported by Sporting Collectibles. 2021 $9,612,000 6,305,472 348, 880 Income Statement Information Sales revenue Cost of goods sold Net income

image text in transcribed

The following condensed information is reported by Sporting Collectibles. 2021 $9,612,000 6,305,472 348, 880 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 $1,580,000 2,180,000 $3,760,000 $1,180,000 1,520,000 780,000 280,000 $3,760,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a Gross profit ratio b. Retum on assets c. Profit margin d. Asset tumover e. Retum on equity % % % smes % 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

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

Auditing Text And Cases

Authors: W. Robert Knechel, Knechel

1st Edition

0538819340, 9780538819343

More Books

Students also viewed these Accounting questions