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Calculate the rate of return on assets using profit margin

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The 2020 annual report for Larkspur Industries Inc. contained the following information:

                                          Dec.31.2019.                                 Dec.31.2020

Total assets                         $553,000                           $597,000

Total liabilities                       65,200                                88,400

Net revenue                              340,000                       530,000

Net income                            55,000                             37,000

Question 1: Calculate the asset turnover ratio for 2020. (Round answer to 2 decimal places, e.g. 52.75.)

Question 2: Calculate the profit margin on sales for 2020. (Round answer to 2 decimal places, e.g. 52.75%.)

Question 3: Calculate the rate of return on assets using profit margin for 2020. (Round answer to 2 decimal places, e.g. 52.75%.)

Reference no: EM132499591

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