Financial s$1.$ Inventory turnover ratio $2.$ Average days in inventory $3.$ Receivables turnover ratio $4.$ Average collection period $5.$ Asset turnover ratio $6.$ Profit margin on sales $7.$ Return on assets $8.$ Return on equity $9.$ Equity multiplier $10.$ Return on equity $($using the DuPont framework$)$tatements for Askew Industries for $2024$ are shown below $($in thousands$)$:

$2024$ Income Statement

Net sales $ $9,200$

Cost of goods sold $(6,350)$

Gross profit $2,850$

Operating expenses $(2,150)$

Interest expense $(220)$

Income tax expense $(192)$

Net income $ $288$

Comparative Balance Sheets

December $31$

$20242023$

Assets

Cash $ $620$ $ $520$

Accounts receivable $620420$

Inventory $820620$

Property, plant, and equipment $($net$)2,2002,300$

$ $4,260$ $ $3,860$

Liabilities and Shareholders$$ Equity

Current liabilities $ $1,220$ $ $970$

Bonds payable $1,5001,500$

Common stock $620620$

Retained earnings $920770$

$ $4,260$ $ $3,860$

Required:

Calculate the following ratios for $2024.$

Note: Consider $365$ days a year. Round your intermediate calculations and final answers to $2$ decimal places.

Answer rating: 100% (QA)

Financial Ratio Calculations for Askew Industries 2024 1 Inventory Turnover ... View the full answer