TUU ACC141 OM2 Managerial Accounting Homework: Assignment 4 - Chap 14 - ratio analysis 7 of 13 (6 complete) S14-9 (book/static) Score: 0 of 1 pt Cartwright's, a home improvement store chain, reported these summarized figures: !!! (Click the icon to view the income statement.) T (Click the loon to view the balance sheets.) Read the requirements a. Calculate the gross profit percentage for 2017 First identify the formula, then calculate the gross profit percentage. (Round your answer to one decimal place.) Gross profit percentage Choose from any drop-down list and then click Check Answer 10 parts remaining Clear All wund your answer to one decimal place.) 0 Requirements Compute these profitability measures for 2017: a. Gross profit percentage b. Operating income percentage c. Rate of return on net sales d. Rate of return on total assets e. Rate of return on common stockholders' equity Are these rates of return strong or weak? Print Done Clear All 309 F F5 $ FE 4 F7 % 5 DII FB 6 F9 lance sheets x Income statement Cartwright's Income Statement For The Year Ended December 31, 2017 2017 Sales revenues 34,988,900 21,766,030 $ Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes 13,222,870 5,088,250 S 8,134,620 217,800 $ Less: income tax expense 7.916,820 1,925,750 5,991,070 Net income $ Print Done Clear All DOO F4 F5 F2 DII FB FO i Balance sheets Cartwright's Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Current assets: Cash $ 1,200,000 $ 810,000 203,200 260,000 Short-term investments Accounts receivable Inventory 100,800 4,676,000 508,000 378,500 4,190,000 409,500 Other current assets Total current assets $ Other noncurrent assets 6,688,000 $ 11,437,000 18,125,000 $ 6,048,000 11.620,000 Total assets $ 17,668,000 Liabilities Current liabilities Accounts payable $ 3.400.000 $ 2.750.000 Print Done Done Oo F4 FS DII FB % F9 & 5 6 X ance sheets TULOT LOTTOFTE GIDS V,00U, UUU W 11,437,000 Other noncurrent assets 0,040,000 11,620,000 17,668,000 $ 18,125,000 $ Total assets Liabilities Current liabilities: Accounts payable Notes payable Accrued liabilities Total current liabilities Long-term liabilities Total liabilities 3,400,000 $ 890,000 110,000 2,750,000 655,000 195,000 $ 4,400,000 $ 4,300,000 3,600,000 4,216,000 $ 8,700,000 $ 7,816,000 $ Stockholders' equity Common stock, no par Retained earnings Total stockholders' equity 2,502,000 $ 6.923,000 2,000,000 7.852.000 $ 9. 25,000 $ 9,852.000 Total liabilities and equity $ 18,125,000 $ 17.668.000 Print Done