Sales revenue
Cost of goods solda
Gross margin
Operating expenses
Income before income taxes
Income taxes (40%)
Net income
-78
=
2026
2025
$2,994,080
$2,725,510
1,518,900
1,438,280
1,475,180
1,287,230
865,250
782,460
609,930
504,770
243,972
A
201,908
$365,958
$302,862
aDepreciation charges on the plant and equipment of $100,600 and $102,130 for fiscal years ended March 31, 2025 and 2026,
respectively, are included in cost of goods sold.
(a) Compute the following items for Concord Corporation. (Round answers to 2 decimal places, e.g. 2.25 or 2.25%).
1.
Current ratio for fiscal years 2025 and 2026.
2.
Acid-test (quick) ratio for fiscal years 2025 and 2026.
3. Inventory turnover for fiscal year 2026.
4.
Return on assets for fiscal years 2025 and 2026. (Assume total assets were $1,697,000 at 3/31/24.)
5.
Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2025 to 2026.