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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement...

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Accounting

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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 8,600 Cost of goods sold (6,050) Gross profit 2,550 Operating expenses (1,850) Interest expense (100) Income tax expense (240) Net income $ 360 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) 500 500 700 1,000 $ 2,700 $ 400 300 500 1,100 $2,300 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock Retained earnings 500 900 500 800 $2,700 $ 250 900 500 650 $2,300 Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round Intermediate calculations and round your final answers to 2 decimal places.) days days 1. Inventory turnover ratio 2 Average days in inventory 3. Receivables tumover ratio 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales 7. Return on assots 8. Return on equity 9. Equity multiplier 10. Return on equity (using the DuPont framework) % 90 96

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