! Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%). Common stock ($5 par value, 6,800 shares outstanding) Retained earnings. Total liabilities and stockholders' equity Return on assets Total asset turnover Net profit margin % Year 2 % $ 206,000 116,000 90,000 57,600 32,400 9,600 $ 22,800 $ 5,600 14,800 41,600 47,400 $ 109,400 $ 16,800 45,800 34,000 Year 1 2. Compute return on assets, total asset turnover, and the net profit margin for Year 2. Note: Round your answers to 2 decimal places. $ 171,000 101,600 69,400 53,800 15,600 4,800 $ 10,800 $ 7,800 18,800 37,200 39,600 $ 103,400 $ 17,800 45,800 34,000 12,800 5,800 $ 109,400 $ 103,400
! Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%). Common stock ($5 par value, 6,800 shares outstanding) Retained earnings. Total liabilities and stockholders' equity Return on assets Total asset turnover Net profit margin % Year 2 % $ 206,000 116,000 90,000 57,600 32,400 9,600 $ 22,800 $ 5,600 14,800 41,600 47,400 $ 109,400 $ 16,800 45,800 34,000 Year 1 2. Compute return on assets, total asset turnover, and the net profit margin for Year 2. Note: Round your answers to 2 decimal places. $ 171,000 101,600 69,400 53,800 15,600 4,800 $ 10,800 $ 7,800 18,800 37,200 39,600 $ 103,400 $ 17,800 45,800 34,000 12,800 5,800 $ 109,400 $ 103,400
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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Required information
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 10%)
Common stock ($5 par value, 6,800 shares
outstanding)
Retained earnings
Total liabilities and stockholders' equity
Return on assets
Total asset turnover
Net profit margin
%
Year 2
%
$ 206,000
116,000
90,000
57,600
32,400
9,600
$ 22,800
$ 5,600
14,800
41,600
47,400
$ 109,400
$ 16,800
45,800
34,000
12,800
$ 109,400
Year 1
2. Compute return on assets, total asset turnover, and the net profit margin for Year 2.
Note: Round your answers to 2 decimal places.
$ 171,000
101,600
69,400
53,800
15,600
4,800
$ 10,800
$ 7,800
18,800
37,200
39,600
$ 103,400
$ 17,800
45,800
34,000
5,800
$ 103,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2de78cf-cc0b-4732-97f1-d9204d2d7c31%2F315cc39a-f05a-4944-88f9-585f4ce3b4a9%2F17r5e4s_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The comparative financial statements for Chinook Company are below
Income statement
Sales revenue
Cost of goods sold
Gross profit
Operating expenses and interest expense
Pretax income
Income tax
Net income
Balance sheet
Cash
Accounts receivable (net)
Inventory
Property and equipment (net)
Total assets
Current liabilities (no interest)
Long-term liabilities (interest rate: 10%)
Common stock ($5 par value, 6,800 shares
outstanding)
Retained earnings
Total liabilities and stockholders' equity
Return on assets
Total asset turnover
Net profit margin
%
Year 2
%
$ 206,000
116,000
90,000
57,600
32,400
9,600
$ 22,800
$ 5,600
14,800
41,600
47,400
$ 109,400
$ 16,800
45,800
34,000
12,800
$ 109,400
Year 1
2. Compute return on assets, total asset turnover, and the net profit margin for Year 2.
Note: Round your answers to 2 decimal places.
$ 171,000
101,600
69,400
53,800
15,600
4,800
$ 10,800
$ 7,800
18,800
37,200
39,600
$ 103,400
$ 17,800
45,800
34,000
5,800
$ 103,400
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