Question: Return on equity is incorrect, please help! A company has the following data for the year Sales revenue Cost of goods sold Net income Average

 Return on equity is incorrect, please help! A company has the

Return on equity is incorrect, please help!

A company has the following data for the year Sales revenue Cost of goods sold Net income Average total assets Closing stock price Average shares of common stock Closing stock price $7,200,000 $5,800,000 $1,600,000 $9,100,000 $6,300,000 4,000,000 5.40 Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) 1. 2. Answer is complete but not entirely correct. Profitability Ratios Gross profit ratio 19.4 % Return on assets 17.6 Profit margin 22.2 % Asset turnover 0.80 times Return on equity 40.0 % % Price-earnings ratio 13.5 times >> 3. 4. 5. 6. >

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