River Rocks Inc. operates a large quarry in Central Ontario. Selected data from River Rocks...
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Accounting
River Rocks Inc. operates a large quarry in Central Ontario. Selected data from River Rocks for the year ended December 31, 2023 are presented below:
Total assets $1,600,000
Average total assets 1,500,000
Net earnings 123,200
Net sales 1,200,000
Average common shareholders' equity 1,000,000
Net cash provided by operating activities 280,000
Required
- Calculate the profit margin and return on assets for River Rocks for the year ended December 31, 2023.
- Comment on the ratios you prepared in part 1 assuming the following averages for the quarry industry:
Profit margin 8%
Return on Assets 14%
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