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Question - The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut Balance Sheet As at July 31
2019
2018
ASSETS
Current Assets
Cash
$191,702
$55,700
Accounts Receivable
$24,400
$16,900
Merchandise Inventory
$24,300
$29,500
Total Current Assets
$240,402
$102,100
Property, Plant & Equipment
$130,000
$198,000
Less: Accumulated Depreciation
$-28,200
$-21,300
TOTAL ASSETS
$342,202
$278,800
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
$31,700
$41,000
Bank Loan-Current Portion
$6,300
Total Current Liabilities
$38,000
$47,300
Bank Loan-Long-Term Portion
$71,000
$43,000
TOTAL LIABILITIES
$109,000
$90,300
Shareholders' Equity
Share Capital
$84,000
$56,100
Retained Earnings
$149,202
$132,400
TOTAL SHAREHOLDERS' EQUITY
$233,202
$188,500
TOTAL LIABILITIES AND EQUITY
Joe's Fish Hut Income Statement For the Year Ended July 31, 2019
Sales
$131,000
COGS
$85,200
Gross Profit
$45,800
Operating Expenses
Insurance Expense
$890
Rent Expense
$4,220
Salaries Expense
$5,680
Telephone Expense
$900
Interest Expense
$1,360
Depreciation Expense
$6,900
Total Operating Expenses
$19,950
Operating Profit Before Tax
$25,850
Income Tax Expense
$9,048
Net Profit (Loss)
$16,802
Required - Complete the following ratio analysis. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places.
a) Calculate the gross profit margin for the 2019.
b) Calculate the net profit margin for 2019.
c) Calculate the return on equity for 2019.
d) Calculate the return on assets for 2019.
e) Calculate the asset turnover ratio for 2019.
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