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The following condensed information is reported by Sporting Collectibles. 2021 2020 1.25 points $12,144,000 7,893,600 382, 720 $8,800,000 6,300,000 288,000 Income Statement Information - Sales

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The following condensed information is reported by Sporting Collectibles. 2021 2020 1.25 points $12,144,000 7,893,600 382, 720 $8,800,000 6,300,000 288,000 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 $ 1,640,000 2,240,000 $ 3,880,000 $ 1,240,000 1,460,000 840,000 340,000 $ 3,880,000 $1,540,000 1,940,000 $3,480,000 $ 940,000 1,460,000 840,000 240,000 $3,480,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) b. Answer is complete but not entirely correct. Profitability Ratios Gross profit ratio 35.0 % Return on assets 9.9 % Profit margin 3.2 Asset turnover 3.3 times Return on equity 32.0 % C. d

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