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Question - Presented below are the items included on the financial statements of We Just Might Make It Corporation for the year ending December 31, 2019 and 2018.
2019
2018
Sales revenue
$2,300,000
$2,100,000
Cost of goods sold
1,000,000
1,300,000
General and administrative expenses
900,000
500,000
Other income
40,000
20,000
Income tax expense
150,000
125,000
Current Assets
525,000
475,000
Current Liabilities
631,500
465,000
Average Assets
$1,000,000
$900,000
Required - Based on the above, determine the following (show your work for partial credit) for 2019 and 2018.
-Net income
-Return on Assets (ROA)
-Gross Profit (in dollars)
-Gross Profit % (gross profit dollars/sales revenue)
-Current ratio (current assets/current liabilities)
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