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Your assistance would be greatly appreciated. Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $10,000 Cost
Your assistance would be greatly appreciated.
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $10,000 Cost of goods sold (6,550) Gross profit 3,450 Operating expenses (2,350) Interest expense (300) Income tax expense (320) Net income $ 480 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 700 700 900 3,000 $5,300 $ 600 500 700 3,100 $4,900 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings $1,700 1,900 700 1,000 $5,300 $1,450 1,900 700 850 $4,900 Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) X Answer is not complete. WN 1. 2. 3. 4 4. 5. 6. 7. 8. 9. 10. Inventory turnover ratio Average days in inventory Receivables turnover ratio Average collection period Asset turnover ratio Profit margin on sales Return on assets Return on equity Equity multiplier Return on equity (using the DuPont framework) 8.19 44.58 days 16.67 21.90 days 1.96 34.50 X % 9.41 % 29.54 % times % 8 9Step by Step Solution
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