Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Gross profit ratio Return on assets Profit margin Asset turnover 2024 96 % % times THE ATHLETIC ATTIC Balance Sheets December 31 2025 %6 % % 2925 times $ 227,000 992,000 1,727,000 132,000 1,180,000 (620,000) $ 3,638,000 $ 180,800 4,200 42,000 520,000 620,000 2,271,000 $3,638,000 2024 $ 156,000 742,000 1,357,000 102,000 1,180,000 (420,000) $ 3,117,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $ 111,000 0 37,000 520,000 620,000 1,829,000 $ 3,117,000 2023 $ 208,000 762,000 1,027,000 77,000 1,180,000 (220,000) $ 3,034,000 $ 88,800 4,200 32,000 520,000 620,000 1,769,000 $ 3,034,000
Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Gross profit ratio Return on assets Profit margin Asset turnover 2024 96 % % times THE ATHLETIC ATTIC Balance Sheets December 31 2025 %6 % % 2925 times $ 227,000 992,000 1,727,000 132,000 1,180,000 (620,000) $ 3,638,000 $ 180,800 4,200 42,000 520,000 620,000 2,271,000 $3,638,000 2024 $ 156,000 742,000 1,357,000 102,000 1,180,000 (420,000) $ 3,117,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $ 111,000 0 37,000 520,000 620,000 1,829,000 $ 3,117,000 2023 $ 208,000 762,000 1,027,000 77,000 1,180,000 (220,000) $ 3,034,000 $ 88,800 4,200 32,000 520,000 620,000 1,769,000 $ 3,034,000
Chapter1: Financial Statements And Business Decisions
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