Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are as of December 31, 2022, and December 31, 2021.**Lily Company**- **2022** - Net sales: $1,836,000 - Cost of goods sold: $1,050,192 - Operating expenses: $268,056 - Interest expense: $9,180 - Income tax expense: $53,244 - Current assets: $329,500 - Plant assets (net): $522,000 - Current liabilities: $64,000 - Long-term liabilities: $109,000 - Common stock, $10 par: $496,000 - Retained earnings: $182,500- **2021** - Net sales: $1,836,000 - Cost of goods sold: $1,050,192 - Operating expenses: $268,056 - Interest expense: $9,180 - Income tax expense: $53,244 - Current assets: $311,800 - Plant assets (net): $497,000 - Current liabilities: $74,400 - Long-term liabilities: $90,000 - Common stock, $10 par: $496,000 - Retained earnings: $148,400**Maria Company**- **2022** - Net sales: $561,000 - Cost of goods sold: $296,208 - Operating expenses: $79,101 - Interest expense: $3,927 - Income tax expense: $6,732 - Current assets: $82,600 - Plant assets (net): $138,600 - Current liabilities: $35,800 - Long-term liabilities: $28,600 - Common stock, $10 par: $120,000 - Retained earnings: $36,800- **2021** - Net sales: $561,000 - Cost of goods sold: $296,208 - Operating expenses: $79,101 - Interest expense: $3,927 - Income tax expense: $6,732 - Current assets: $78,600 ### Financial Analysis: Return on Assets and Equity**Objective:**Compute the 2022 return on assets and the return on common stockholders' equity ratios for both Lily Company and Maria Company. Ensure that the answers are rounded to one decimal place (e.g., 12.1%).#### Input Fields:- **Lily Company** - Return on Assets: ___ % - Return on Common Stockholders’ Equity: ___ %- **Maria Company** - Return on Assets: ___ % - Return on Common Stockholders’ Equity: ___ %**Instructions:**Complete the fields for both companies to evaluate their financial performance based on the return ratios. This will help in assessing the efficiency in using assets and equity to generate profits.

Profits are very important and necessary for survival and growth of organisation and organisation…

Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Lily Company 2022 $1,836,000 1,050,192 268,056 9,180 53,244 329,500 522,000 64,000 109,000 496,000 2021 $311.800 497,000 74,400 90,000 496,000 108.000 Maria Company 2022 $561,000 296,208 79,101 3,927 6,732 82,600 $78,600 138,600 124,800 35,800 28,600 120,000 2021 36.800 29,200 25,200 120,000 29.000 ber 31, 4

Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Lily Company 2022 $1,836,000 1,050,192 268,056 9,180 53,244 329,500 522,000 64,000 109,000 496,000 2021 $311.800 497,000 74,400 90,000 496,000 108.000 Maria Company 2022 $561,000 296,208 79,101 3,927 6,732 82,600 $78,600 138,600 124,800 35,800 28,600 120,000 2021 36.800 29,200 25,200 120,000 29.000 ber 31, 4

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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