The following is the financial data for Innovation Corp for the year ended December 31, 2023: Income
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Question:
The following is the financial data for Innovation Corp for the year ended December 31, 2023:
Income Statement | Amount |
Net Sales | $1,100,000 |
Cost of Goods Sold | $660,000 |
Operating Expenses | $300,000 |
Net Income | $100,000 |
Balance Sheet | Amount |
Current Assets | $250,000 |
Total Assets | $550,000 |
Current Liabilities | $120,000 |
Long-term Debt | $160,000 |
Shareholders' Equity | $270,000 |
Requirements: a. Compute the quick ratio. b. Determine the return on equity. c. Calculate the gross profit margin. d. Evaluate the company's leverage with the debt to equity ratio. e. Assess the company's efficiency with inventory turnover ratio.
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