Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net...

 

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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold. Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,000 (6,300) 2,700 (2,100) (200) (100) $ 300 Comparative Balance Sheets Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity December 31 2024 2823 $ 600 600 800 $ 500 2,000 $ 4,000 400 600 2,100 $ 3,600 Current liabilities Bonds payable Common stock Retained earnings $ 1,100 1,400 600 900 $ 850 1,400 600 750 $ 4,000 $ 3,600 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places. 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) times days times days % % % times % Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold. Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,000 (6,300) 2,700 (2,100) (200) (100) $ 300 Comparative Balance Sheets Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity December 31 2024 2823 $ 600 600 800 $ 500 2,000 $ 4,000 400 600 2,100 $ 3,600 Current liabilities Bonds payable Common stock Retained earnings $ 1,100 1,400 600 900 $ 850 1,400 600 750 $ 4,000 $ 3,600 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places. 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) times days times days % % % times %

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To calculate the required ratios for 2024 based on the provided financial statements we will use the ... View the full answer