The following condensed information is reported by Sporting Collectibles. Required: 1. Calculate the following profitability ratios for
Question:
The following condensed information is reported by Sporting Collectibles.
Required:
1. Calculate the following profitability ratios for 2024:
a. Gross profit ratio.
b. Return on assets.
c. Profit margin.
d. Asset turnover.
e. Return on equity.
2. Determine the amount of dividends paid to shareholders in 2024.
Transcribed Image Text:
Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2024 $14,820,000 9,544,080 418,000 $ 1,700,000 2,300,000 $4,000,000 $ 1,300,000 1,400,000 900,000 400,000 $4,000,000 2023 $9,400,000 6,900,000 348,000 $1,600,000 2,000,000 $3,600,000 $1,000,000 1,400,000 900,000 300,000 $3,600,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
To calculate the required profitability ratios for 2024 we will use the information provided in the ...View the full answer
Answered By
Darwin Romero
I use a hands-on technique and am approachable to my students. I incorporate fun into my lessons when possible. And while my easy-going style is suitable for many subjects and grades, I am also able to adapt my style to the needs of the student. I can describe myself as friendly, enthusiastic and respectful. As a teacher, we can easily get respect from the students if they would feel respected first
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following condensed information is reported by Sporting Collectibles. Required: 1. Calculate the following profitability ratios for 2015: a. Gross profit ratio. b. Return on assets. c. Profit...
-
The following condensed information was reported by Peabody Toys, Inc., for 2024 and 2023: Required: 1. Determine the following ratios for 2024: a. Profit margin on sales b. Return on assets c....
-
The following condensed information was reported by Peabody Toys, Inc., for 2011 and 2010: Required: 1. Determine the following ratios for 2011: a. Profit margin on sales b. Return on assets c....
-
The average distance between Earth and the Sun is 1.5 10 m. 1) Calculate the average speed of Earth in its orbit (assumed to be circular) in meters per second. 2) What is this speed in miles per hour?
-
You are responsible for convening a major event in which senior officials from several provincial governments will try to come to an agreement on environmental issues. It is well known that some...
-
Determine when a firm must pay for purchases made and invoices dated on November 25 under each of the following credit terms: a. Net 30 date of invoice b. Net 30 EOM c. Net 45 date of invoice d. Net...
-
The following balance sheet and income statement data were taken from the financial records of The Dana Point Company: \ Required Prepare percentage change and common-sized balance sheets and income...
-
McTorry Razors produces deluxe razors that compete with Gillettes Mach line of razors. Total manufacturing costs are $ 120,000 when 15,000 packages are produced. Of this amount, total variable costs...
-
A simple random sample from a population with a normal distribution of 107 body temperatures has x = 98.30 F and s = 0.67 F. Construct an 80% confidence interval estimate of the standard deviation of...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
LeBrons Bookstores has two divisions: books and electronics. The electronics division had another great year in 2024 with net sales of $11 million, cost of goods sold of $6.5 million, operating...
-
The balance sheets for Plasma Screens Corporation and additional information are provided below. Required: 1. Calculate the following risk ratios for 2024: a. Receivables turnover ratio. b. Inventory...
-
Solve the equation 2 sin x sin x 3 = 0, 0 < x < 2
-
1. Briefly describe theeffect of an increase in each of the following factors on the value of the stock (i.e., the stock value will increase or decrease accordingly), assuming all else being the...
-
An investor has $27. They make the following trades at the same time on the same underlying stock. The options all have the same expiration - Sell (Write) a call with a strike of $30 for a premium of...
-
8. (5 points) Without solving the following integrals, show that they repre- sent an area with the same value. e dx and L2re 2.redr
-
4.Figs, Dates and Other Things (FDT) has the following cost of capital structure: What is FDT's Weighted Average Cost of Capital, (WACC)?
-
A $ 1 5 0 petty cash fund has cash of $ 6 4 and valid receipts for $ 7 5 . The entry to replenish the fund would be: Cash 8 6 Various Expenses 7 5 Cash Short or Over 1 1 Petty Cash 8 6 Cash 8 6 Cash...
-
Salad Express exchanged land it had been holding for future plant expansion for a more suitable parcel of land along distribution routes. Salad Express reported the old land on the previously issued...
-
Assume that your audit team has established the following parameters for the examination of ELM's sales transactions: LO G-3 Risk of incorrect acceptance...
-
Collins, Inc., entered into a 10-year franchise agreement with an individual. For an initial franchise fee of $40,000, Collins agrees to assist in design and construction of the franchise location...
-
Universal Calendar Company began the year with accounts receivable and inventory balances of $100,000 and $80,000, respectively. Year-end balances for these accounts were $120,000 and $60,000,...
-
Universal Calendar Company began the year with accounts receivable and inventory balances of $100,000 and $80,000, respectively. Year-end balances for these accounts were $120,000 and $60,000,...
-
Cash Market Capitalization Shares Outstanding Debt Stock Price $25, $30.68 $20, $30.68 $25, $30 $30, $30 Panama Red $25,000M $150,000M 5,000M $0 $30
-
Cullumber Repair Inc. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $24,500 cash in the business in exchange for common stock. 2. Purchased...
-
In the context of Texas budget policy, what factor differentiates restricted funds from unrestricted funds? if the funds can be used for salaries if the money can be reinvested in the stock market if...
Study smarter with the SolutionInn App