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Schepp Corporation has provided the following financial data:Year 2Year 1Total assets$ 1,320,000$ ...

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Schepp Corporation has provided the following financial data:Year 2Year 1Total assets$ 1,320,000$ ...

Schepp Corporation has provided the following financial data:

	Year 2	Year 1
Total assets	$ 1,320,000	$ 1,290,000
Total liabilities	$ 468,000	$ 450,000
Total stockholders' equity	$ 852,000	$ 840,000

Income Statement
For the Year Ended December 31, Year 2
Sales (all on account)	$ 1,440,000
Cost of goods sold	880,000
Gross margin	560,000
Operating expenses	527,857
Net operating income	32,143
Interest expense	10,000
Net income before taxes	22,143
Income taxes (30%)	6,643
Net income	$ 15,500

Required:

a. What is the company’s times interest earned ratio for Year 2?

b. What is the company’s debt-to-equity ratio at the end of Year 2?

c. What is the company’s equity multiplier at the end of Year 2?

d. What is the company’s net profit margin percentage for Year 2?

e. What is the company’s gross margin percentage for Year 2?

f. What is the company’s return on total assets for Year 2?

g. What is the company’s return on equity for Year 2?

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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