! 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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You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
Based on the income statement given calculate and explain the :profitability ratioa. Gross profit ratio = gross profit/net salesb. Operating margin ratio =operating income/net salesc. Asset Turnover ratio = net sales / total assetsd. Return on equity ratio = net sales/ shareholders equity Leverage ratioa. interest coverage ratio =operating income / interest expensesb. Debt service ratio=operating income/debt service
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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
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Subject : Accounting
For the highlighted in yellow portions what are the Excel formulaes used to calculate ratios?