FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following selected information is for Foress Corporation:
Total assets
Total shareholders' equity
Sales
Cost of goods sold
Net income
Foress had no preferred shares.
(a)
Gross profit margin
Profit margin
Asset turnover
2024
$353,000
133,500
507,000
Return on assets
382,785
33,462
Calculate the gross profit margin, profit margin, asset turnover, return on assets, and return on common shareholders' equity
ratios for 2024 and 2023. (Round gross profit margin, profit margin, return on assets and return on equity to 1 decimal place e.g. 2.6 or
2.6%. Round asset turnover to 2 decimal places e.g. 6.21.)
2023
$267,000
Return on common shareholders' equity
2022
$280,000
95,000
45,000
410,000
293,000
291,920 188,000
29,930
19,400
2024
%
%
times
%
%
2023
%
%
times
%
%
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Transcribed Image Text:The following selected information is for Foress Corporation: Total assets Total shareholders' equity Sales Cost of goods sold Net income Foress had no preferred shares. (a) Gross profit margin Profit margin Asset turnover 2024 $353,000 133,500 507,000 Return on assets 382,785 33,462 Calculate the gross profit margin, profit margin, asset turnover, return on assets, and return on common shareholders' equity ratios for 2024 and 2023. (Round gross profit margin, profit margin, return on assets and return on equity to 1 decimal place e.g. 2.6 or 2.6%. Round asset turnover to 2 decimal places e.g. 6.21.) 2023 $267,000 Return on common shareholders' equity 2022 $280,000 95,000 45,000 410,000 293,000 291,920 188,000 29,930 19,400 2024 % % times % % 2023 % % times % %
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