Dec. 31, 2023
Dec. 31, 2022
Total assets
$1,120,000
$860,000
Total liabilities
628,378
412,444
Consolidated sales
3,663,000
2,444,092
Net income
73,260
57,262
(a) Calculate the following ratios for Skysong for 2023: (Round answers to 2 decimal places)
1. Asset turnover ratio
30.23
times
2. Rate of return on assets
49.87
%
3. Profit margin on sales
27.94
%