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







Accounts Receivable






Property, Plant, and Equipment, net



Patents, net



Total Assets



Liabilities and Stockholders' Equity

Accounts Payable



Short-term Notes Payable



Long-term Notes Payable



Common Stock, no Par



Retained Earnings



Total Liabilities and Stockholders' Equity



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


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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