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Shown below are data taken from a recent annual report of, Topaz, Inc. (Dollar amounts in millions.)
Beginning of Year End of Year
Balance sheet data:
Current assets......................................................... $ 625 $700
Total assets............................................................ $1,050 $1,200
Current liabilities.................................................... $275 $175
Total liabilities....................................................... $475 $475
Total stockholders equity....................................... $575 $725
Income statement data:
Net sales................................................................ $1,900
Gross profit............................................................ $900
Operating income................................................... $450
Net income............................................................ $300
Instructions Compute the following:
Current ratio at year-end (round to nearest tenth ________ to 1
Working capital at the beginning of the year (in millions)
$____________
Gross profit rate for the year (round to the nearest 1 percent)
______%
Return on average total assets for the year (round to the nearest 1 percent)
______%
Return on average total equity for the year (round to the nearest 1 percent)
______%
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