Use the following data to answer questions below.
INCOME STATEMENT: TONY'S PIZZA EATERY 2016 | |
2016 | |
REVENUES | $ 275,789 |
COST OF GOODS SOLD | $ 103,115 |
GROSS PROFIT | $ 172,674 |
DEPRECIATION | $ 31,100 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | $ 77,444 |
OPERATING INCOME (EBIT) | $ 64,130 |
INTEREST EXPENSE | $ 6,000 |
TAXABLE INCOME (EBT) | $ 58,130 |
TAXES (SEE TAX TABLE) | $ 8,720 |
NET INCOME |
$ 49,411 |
BALANCE SHEET: TONY'S PIZZA EATERY END OF 2016 | |
2016 | |
CURRENT ASSETS | |
CASH | $ 8,247 |
ACCOUNTS RECEIVABLE | $ 1,236 |
INVENTORIES | $ 6,432 |
TOTAL CURRENT ASSETS | $ 15,915 |
FIXED ASSETS | $ 155,500 |
ACCUMULATED DEPRECIATION | $ 31,100 |
NET FIXED ASSETS | $ 124,400 |
TOTAL ASSETS | $ 140,315 |
CURRENT LIABILITIES | |
ACCOUNTS PAYABLE | $ 8,563 |
SHORT-TERM DEBT | $ 2,341 |
TOTAL CURRENT LIABILITIES | $ 10,904 |
LONG-TERM DEBT | $ 75,000 |
TOTAL LIABILITIES | $ 85,904 |
EQUITY | $ 5,000 |
RETAINED EARNINGS | $ 49,411 |
TOTAL OWNERS' EQUITY | $ 54,411 |
TOTAL LIABILITIES + EQUITY | $ 140,315 |
1. What is Tony's Pizza Eatery's 2016 gross profit margin?
A. 62.6%
B. 23.3%
C. 21.1%
D. 37.4%
2. What was Tony's Pizza Eatery's net profit margin for 2016?
A. 62.6%
B. 23.3%
C. 21.1%
D. 17.9%
3. What was Tony's Pizza Eatery's 2016 return on assets?
A. 123.1%
B. 45.7%
C. 35.2%
D. 310.5%
4. What is the 2016 return on equity for Tony's Pizza Eatery?
A. 988.2%
B. 90.8%
C. 189.5%
D. 35.2%
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