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THMG 310-001, Spring 2022 Assignment 4, Chapters 7 & 8 Total - 64 marks Due: Friday, March 11, 2022 Question 8 (18 marks) Ableson Franchise runs a series of family style restaurants. The consolidated statements for the last five years are as follows: 2020 $900,000 $1,100,000 $50,000 2019 $400,000 $535,000 $39,000 2018 $352,000 $375,000 $46,000 2017 $314,000 $325,000 $37,000 Net Sales Gross Sales Net Income Current Assets Long Term Assets $115,000 $103,000 $96,000 $110,000 $193,000 $166,000 $156,000 $121,000 Required 1. Calculate the profit margin, asset turnover and return on assets for fiscal years 2020, 2019 and 2018. Keep all calculations to 2 decimal places. 2. Discuss the results for each year, discussing if the company has been effectively using their assets, effective at generating income and if performance has improved or not for each measure