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Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 Inventory 90,000 78,000 Net sales 430,000 383,000 Cost of goods sold 264,000 225,000 Total assets 830,000 790, ее0 Total stockholders' equity 500,000 420,000

Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 Inventory 90,000 78,000 Net sales 430,000 383,000 Cost of goods sold 264,000 225,000 Total assets 830,000 790, ее0 Total stockholders' equity 500,000 420,000

FINANCIAL ACCOUNTING
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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This is part a and b please answer both
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 Inventory 90,000 78,000 Net sales 430,000 383,000 Cost of goods sold 264,000 225,000 Total assets 830,000 790,000 Total stockholders' equity 500,000 420,000 Net income 77,000 55,000 TPX Company's 2021 profit margin is: (Round your answer to 1 decimal place.) Multiple Choice 1.5%. 9.5%.
Transcribed Image Text:Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $ 88,000 $ 82,000 Inventory 90,000 78,000 Net sales 430,000 383,000 Cost of goods sold 264,000 225,000 Total assets 830,000 790,000 Total stockholders' equity 500,000 420,000 Net income 77,000 55,000 TPX Company's 2021 profit margin is: (Round your answer to 1 decimal place.) Multiple Choice 1.5%. 9.5%.
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 11 2021 2020 Accounts receivable $ 88,000 $ 80,000 Inventory 89,000 78,000 Net sales 500,000 384,000 eBook Cost of goods sold 260,000 222,000 Total assets 820,000 760,000 Total stockholders' equity 515,000 420,000 Net income 78,000 59,000 TPX Company's 2021 return on assets is: (Round your answer to 1 decimal place.) Multiple Choice 9.9%. 0.3%.
Transcribed Image Text:Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 11 2021 2020 Accounts receivable $ 88,000 $ 80,000 Inventory 89,000 78,000 Net sales 500,000 384,000 eBook Cost of goods sold 260,000 222,000 Total assets 820,000 760,000 Total stockholders' equity 515,000 420,000 Net income 78,000 59,000 TPX Company's 2021 return on assets is: (Round your answer to 1 decimal place.) Multiple Choice 9.9%. 0.3%.
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