Financial Statements of Freedom, Inc Assignment

Consider the following condensed financial statements of Freedom, Inc. The company's target rate of return is 20%.

Freedom, Inc.

Comparative Balance Sheet

As of December 31, 2018 and 2017

Freedom, Inc.

Comparative Balance Sheet

As of December 31, 2018 and 2017

2018

2017

Assets

Cash

$82,000

$71,000

Accounts Receivable

61,600

27,500

Supplies

400

500

Property, Plant, and Equipment, net

299,000

197,000

Patents, net

158,000

103,000

Total Assets

$601,000

$399,000

Liabilities and Stockholders' Equity

Accounts Payable

$31,000

$33,000

Short-term Notes Payable

149,000

49,000

Long-term Notes Payable

199,000

129,000

Common Stock, no Par

201,000

168,500

Retained Earnings

21,000

19,500

Total Liabilities and Stockholders' Equity

$601,000

$399,000

Freedom, Inc.
Income Statement
For the Year Ended December 31, 2018
Net Sales Revenue $10,000,000
Cost of Goods Sold 5,900,000
Gross Profit 4,100,000
Operating Expenses 3,800,000
Operating Income 300,000
Other Income and (Expenses):
Interest Expense (40,000)
Income Before Income Tax Expense 260,000
Income Tax Expense 91,000
Net Income $169,000

Requirements:

1. Calculate the​ company's ROI. Round all of your answers to four decimal places.
2. Calculate the​ company's profit margin ratio. Interpret your results.
3. Calculate the​ company's asset turnover ratio. Interpret your results.
4. Use the expanded ROI formula to confirm your results from Requirement 1. Interpret your results.
5. Calculate the​ company's RI. Interpret your results. Get Accounting homework help today
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