Jumbo Corporation had the following adjusted trial balance on December 31, 2021: JUMBO CORPORATION Adjusted Trial...

 

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Jumbo Corporation had the following adjusted trial balance on December 31, 2021: JUMBO CORPORATION Adjusted Trial Balance December 31, 2021 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation - equipment Furniture Accumulated depreciation - furniture Accounts payable Unearned sales revenue Bank loan Ordinary shares Retained earnings, January 1, 2021 Dividends Sales revenue Other income Cost of sales Rent expense Salaries and wages expense Insurance expense Interest expense Marketing expense Utilities expense Depreciation expense - equipment Depreciation expense - furniture Other expenses Income taxes expense Debit $18,018. 27,604 40,135 1,336 182,524 62,596 106,000 Gross profit rate Profit as a percentage of sales revenue Return on equity 290,421 123,000 Required: (Show all calculations and round ALL answers to 2 decimal places.) Credit $65,150 23,720 9,819 1,132 38.12% 0.8% 18.30% 163,518 50,000 117,400 122,328 16,600 23,981 6,917 31,534 5,900 1,600 19,533 8,823 $1,088,850 $1,088,850 622,063 36,048 The following ratios were obtained from Mini Corporation, a competitor of Jumbo Corporation, for the year ended on December 31, 2021: Calculate the above ratios for Jumbo Corporation on December 31, 2021, and comment on Jumbo's profitability by comparing to the ratios of Mini Corporation. Assume the average shareholders' equity of Jumbo Corporation for the year ended 2021 was $67,157. Jumbo Corporation had the following adjusted trial balance on December 31, 2021: JUMBO CORPORATION Adjusted Trial Balance December 31, 2021 Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation - equipment Furniture Accumulated depreciation - furniture Accounts payable Unearned sales revenue Bank loan Ordinary shares Retained earnings, January 1, 2021 Dividends Sales revenue Other income Cost of sales Rent expense Salaries and wages expense Insurance expense Interest expense Marketing expense Utilities expense Depreciation expense - equipment Depreciation expense - furniture Other expenses Income taxes expense Debit $18,018. 27,604 40,135 1,336 182,524 62,596 106,000 Gross profit rate Profit as a percentage of sales revenue Return on equity 290,421 123,000 Required: (Show all calculations and round ALL answers to 2 decimal places.) Credit $65,150 23,720 9,819 1,132 38.12% 0.8% 18.30% 163,518 50,000 117,400 122,328 16,600 23,981 6,917 31,534 5,900 1,600 19,533 8,823 $1,088,850 $1,088,850 622,063 36,048 The following ratios were obtained from Mini Corporation, a competitor of Jumbo Corporation, for the year ended on December 31, 2021: Calculate the above ratios for Jumbo Corporation on December 31, 2021, and comment on Jumbo's profitability by comparing to the ratios of Mini Corporation. Assume the average shareholders' equity of Jumbo Corporation for the year ended 2021 was $67,157.

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