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Question - Return Ratios and Leverage - The following selected data are taken from the financial statements of Pine Corp.:
Sales revenue
$663,000
Cost of goods sold
389,000
Gross profit
$274,000
Selling and administrative expense
100,000
Operating income
$174,000
Interest expense
50,000
Income before tax
$124,000
Income tax expense (40%)
49,600
Net income
$74,400
Accounts payable
$45,000
Accrued liabilities
70,000
Income taxes payable
10,000
Interest payable
25,000
Short-term loans payable
150,000
Total current liabilities
$300,000
Long-term bonds payable
$500,000
Preferred stock, 10%, $100 par
$250,000
Common stock, no par
600,000
Retained earnings
350,000
Total stockholders' equity
$1,200,000
Total liabilities and stockholders' equity
$2,000,000
Required - Compute the following ratios for Pine Corp.:
1. Return on sales
2. Asset turnover (Assume that total assets at the beginning of the year were $1,600,000.)
3. Return on assets
4. Return on common stockholders' equity (Assume that the only changes in stockholders' equity during the year were from the net income for the year and dividends on the preferred stock.)
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