Condensed financial data are presented below for the Tulsa Corporation:Accounts receivableInventoryC.d.Total current assetsTotal assetsCurrent liabilitiesLong-term liabilitiesSalesCost of goods soldInterest expenseNet incomeTax rate2021$277,500310,000675,000800,000 700,000250,000200,00077,50075,0001,640,000985,00010,000130,00025%2020$230,000250,000565,000The profit margin used to calculate return on assets for 2021 is (rounded):a.b.8.9%16.3%17.2%18.3%

Ratio analysis helps to analyze the financial statements of the company. Management can make…

Condensed financial data are presented below for the Tulsa Corporation: 2021 $277,500 2020 $230,000 310,000 250,000 675,000 565,000 700,000 200,000 75,000 Accounts receivable Inventory Total current assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Net income Tax rate 800,000 250,000 77,500 1,640,000 985,000 10,000 130,000 25% The profit margin used to calculate return on assets for 2021 is (rounded): a. 8.9% b. 16.3% C. 17.2% d. 18.3%

Condensed financial data are presented below for the Tulsa Corporation: 2021 $277,500 2020 $230,000 310,000 250,000 675,000 565,000 700,000 200,000 75,000 Accounts receivable Inventory Total current assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Net income Tax rate 800,000 250,000 77,500 1,640,000 985,000 10,000 130,000 25% The profit margin used to calculate return on assets for 2021 is (rounded): a. 8.9% b. 16.3% C. 17.2% d. 18.3%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Condensed financial data are presented below for the Tulsa Corporation:
Accounts receivable
Inventory
C.
d.
Total current assets
Total assets
Current liabilities
Long-term liabilities
Sales
Cost of goods sold
Interest expense
Net income
Tax rate
2021
$277,500
310,000
675,000
800,000 700,000
250,000
200,000
77,500
75,000
1,640,000
985,000
10,000
130,000
25%
2020
$230,000
250,000
565,000
The profit margin used to calculate return on assets for 2021 is (rounded):
a.
b.
8.9%
16.3%
17.2%
18.3%

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