2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover 2024 2025 % % % % % % times times

2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 50,000 2021 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation Intangible Assets 2022 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation, Intangible Assets 60,000 40,000 20,000 300,000 100,000 50,000 80,000 50,000 40,000 400,000 150,000 80,000 Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock 30,000 40,000 150,000 60,000 120,000 50,000 40,000 180,000 ????? 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.

Philly Corporation   Philly Corporation Income Statement   Comparative Account Information Relating to Operations For the Year Ended December 31, 2020   For the Year Ended December 31, 2020           2020 2019   Sales Revenue                 680,000     Accounts receivable -net           78,000             65,000   Cost of goods sold                 355,000     Prepaid insurance              5,000                6,000   Salaries expense                     50,000     Equipment         111,100          122,400   Depreciation expense equipment                       6,800     Accumulated Depreciation           13,800             14,600   Interest expense                       8,000     Land           56,000             36,000   Bad debt expense                       2,400     Accounts Payable            59,000             47,000   Loss on sale of equipment                       4,800     Interest payable                   600                1,500   Miscellaneous…

The balance sheet data of Blossom Company at the end of 2025 and 2024 are shown below. 2025 2024 Cash $7,500 $9,900 Accounts receivable (net) 80,500 87,700 Merchandise inventory 85,800 79,600 Prepaid expenses 9,000 12,000 Equipment 171,500 145,500 Accumulated depreciation-equipment (45,100) (36,500) Land 30,200 50,100 Total assets $339,400 $348,300 Accounts payable $45,200 $57,600 Accrued expenses 11,100 9,000 Notes payable-bank, short-term -0- 49,100 Bonds payable 19,900 -0- Common stock, $1 par 181,000 161,000 Retained earnings 82,200 71,600 Total liabilities and shareholders' equity $339,400 $348,300 Equipment was purchased for $20,000 in exchange for common stock, par $20,000, during the year; all other equipment purchased was for cash. Land was sold for $31,700. Cash dividends of $7,100 were declared and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a - sign e.g. -12,000 or in parenthesis e.g. (12,000).) (a) Net cash…

The balance sheets for a company and additional information are provided below.  A COMPANY Balance Sheets December 31, 2024 and 2023   2024 2023 Assets     Current assets:     Cash $160,000 $116,000 Accounts receivable 70,000 88,000 Inventory 91,000 76,000 Investments 3,600 1,600 Long-term assets:     Land 440,000 440,000 Equipment 750,000 630,000 Less: Accumulated depreciation (388,000) (228,000) Total assets $1,126,600 $1,123,600 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable $95,200 $81,000 Interest payable 5,500 11,600 Income tax payable 7,500 4,600 Long-term liabilities:     Notes payable 120,000 240,000 Stockholders' equity:     Common stock 660,000 660,000 Retained earnings 238,400 126,400 Total liabilities and stockholders' equity $1,126,600 $1,123,600 Additional information for 2024: Net income is $112,000. Sales on account are $1,382,500. (All sales are credit sales.) Cost of goods…

Please help me with show all calculation thanku

THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales         $8,900,000Cost of goods sold         5,450,000Gross profit         3,450,000Expenses:          Operating expenses    $1,600,000     Depreciation expense    210,000     Interest expense    50,000     Income tax expense    360,000     Total expenses         2,220,000Net income         $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31     2024    2023Assets          Current assets:          Cash    $164,000    Accounts receivable    790,000    Inventory    1,405,000    Supplies    110,000Long-term assets:          Equipment    1,150,000    Less: Accumulated depreciation    (420,000)    Total assets    $3,199,000    Liabilities and Stockholders' Equity          Current liabilities:          Accounts payable    $115,000    Interest payable    0    Income tax payable    40,000    Long-term liabilities:          Notes payable    600,000    Stockholders' equity:          Common stock    700,000…

The comparative statements of Wahlberg Company are presented here. 2 of 4 Wahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,813,300 $1,745,300 Cost of goods sold 1,010,100 994,000 Gross profit 803,200 751,300 Selling and administrative expenses 512.200 481,600 Income from operations 291,000 269,700 Other expenses and losses Interest expense 18,700 14,000 Income before income taxes 272,300 255,700 Income tax expense 82,022 77,800 Net income $ 190,278 $ 177,900 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable 117,900 101,500 Inventory 123,000 115,600 Total current assets 371,200 332,100 Plant assets (net) 600,700 516,300 Total assets $971,900 $848,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $144,100 Income taxes payable 42,200 41,200 Total current liabilities 201,200 185,300 Bonds payable 220,000…

Income Statement: The income statement of Taco Bell company is given for the years 2020 & 2019. 2020 2019 General and administrative expenses 25,000 24,000 Interest expense 1,200 1,500 Net sales $124,000 S138,000 Selling expenses 11,880 12,720 Income taxes $1,109.5 1,883 108 000 95,000 COGS 450 600 Gain on Sale of land l2020 and

The comparative balance sheets for Naomi Corporation show the following information:     2021   2020         Cash $24,400   $20,700 Accounts receivable, net 43,300   20,300 Inventory 40,000   42,000 Investments 20,000   15,000 Building 160,000   100,000 Accumulated depreciation – building (27,700)   (20,000) Equipment 61,500   50,000 Accumulated depreciation - equipment (10,000)   (17,500)      Total $311,500   $210,500         Accounts payable $17,000   $26,500 Salaries payable 21,000   17,000 Long-term notes payable 100,000   50,000 Common stock   110,000   90,000 Retained earnings 63,500   27,000   Total $311,500   $210,500               Additional data related to 2021 are as follows:   $10,000 of the long-term note payable was paid by cash. Equipment that had cost $15,000 and had accumulated…