Swift Solutions reports the following information on its year- end income statement : Net Sales: $220,000, Operating Expenses: $50,000, Cost of Goods Sold: $130,000, and Other Income: $30,000. Calculate Swift Solutions' gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

Swift Solutions reports the following information on its year- end income statement : Net Sales: $220,000, Operating Expenses: $50,000, Cost of Goods Sold: $130,000, and Other Income: $30,000. Calculate Swift Solutions' gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
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General Accounting