Question: Shown below are data taken from a recent annual report of. Topaz, Inc. (Dollar amounts in millions.) Beginning of Year End of Year Balance sheet
Shown below are data taken from a recent annual report of. Topaz, Inc. (Dollar amounts in millions.) Beginning of Year End of Year Balance sheet data: Current assets $625 $700 Total assets $1,050 $1, 200 Current liabilities $275 $175 Total liabilities $500 $600 Total stockholders' equity $575 $725 Income statement data: Net sales $1,900 Gross profit $900 Operating income $450 Net income $300 Compute the following: Current ratio at year-end (round to nearest tenth) Working capital at the beginning of the year (in millions) Gross profit rate for the year (round to the nearest 1 percent) Return on average total assets for the year (round to the nearest 1 percent) Return on average total equity for the year (round to the nearest 1 percent)
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