Presented below are the items included on the financial statements of We Just Might Make...
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Accounting
Presented below are the items included on the financial statements of We Just Might Make It Corporation for the year ending December 31, 2019
| 2019 | 2018 | |
| Sales revenue | $2,300.000 | $2,100,000 |
| Cost of goods sold | 1,000,000 | 1,300,000 |
| General and administrative expenses | 900,000 | 500,000 |
| Other income | 40,000 | 20,000 |
| Income tax expense | 150,000 | 125,000 |
| Current Assets | 525,000 | 475,000 |
| Current Liabilities | 631,500 | 465,000 |
| Average Assets | $1,000,000 | $900.000 |
Required
Based on the above, determine the following (show your work for partial credit) for 2019 and 2018.
Briefly comment on the trend for #2, #4, and #5:
- Net income
- Return on Assets (ROA)
- Gross Profit (in dollars)
- Gross Profit % (gross profit dollars/sales revenue)
- Current ratio (current assets/current liabilities)
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