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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 8,700 (6,075) 2,625 (1,875) Bonds payable Common stock Retained earnings (110) (256) $ 384 Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio December 31 2024 $ 510 510 710 1,100 $ 2,830 $ 560 950 510 810 $ 2,830 2023 9.96 times 610.00 days times $ 410 310 510 1,200 $ 2,430 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Round your intermediate calculations and final answers to 2 decimal places. $310 950 510 660 $ 2,430

Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 8,700 (6,075) 2,625 (1,875) Bonds payable Common stock Retained earnings (110) (256) $ 384 Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio December 31 2024 $ 510 510 710 1,100 $ 2,830 $ 560 950 510 810 $ 2,830 2023 9.96 times 610.00 days times $ 410 310 510 1,200 $ 2,430 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Round your intermediate calculations and final answers to 2 decimal places. $310 950 510 660 $ 2,430

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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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Bonds payable Common stock Retained earnings $8,700 (6,075) 2,625 (1,875) (110) (256) $ 384 Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assets December 31 8. Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) 2024 $ 510 510 710 1,100 $ 2,830 $ 560 950 510 810 $ 2,830 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Round your intermediate calculations and final answers to 2 decimal places. 9.96 times 610.00 days times days % % % times 2023 % $ 410 310 510 1,200 $ 2,430 $ 310 950 510 660 $ 2,430
Transcribed Image Text:Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Bonds payable Common stock Retained earnings $8,700 (6,075) 2,625 (1,875) (110) (256) $ 384 Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assets December 31 8. Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) 2024 $ 510 510 710 1,100 $ 2,830 $ 560 950 510 810 $ 2,830 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Round your intermediate calculations and final answers to 2 decimal places. 9.96 times 610.00 days times days % % % times 2023 % $ 410 310 510 1,200 $ 2,430 $ 310 950 510 660 $ 2,430
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