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Colors Inc The Current Ratio at the End of 2010 Was (Show

question 56

Essay

Colors Inc.gathered the following year-end data (in thousands)for 2008 and 2007:
20102009 Current Assets $600$675 Long-Term Assets 960795 Current Liabilities 460595 Long-Term Liabilities 650785 Owners’ Equity 650475 Net Sales 1050985 Gross Margin 560575 Net Income 330310\begin{array}{lrr} & \frac{2010}{} & \frac{2009}{} \\\text { Current Assets } & \$ 600 & \$ 675 \\\text { Long-Term Assets } & 960 & 795 \\\text { Current Liabilities } & 460 & 595 \\\text { Long-Term Liabilities } & 650 & 785 \\\text { Owners' Equity } & 650 & 475 \\\text { Net Sales } & 1050 & 985 \\\text { Gross Margin } & 560 & 575 \\\text { Net Income } & 330 & 310\end{array}
The current ratio at the end of 2010 was (show your work):
The return on assets for 2010 was (show your work):
The return on owners' equity for 2010 was (show your work):
The asset turnover ratio for 2010 was (show your work):
The gross margin percentage for 2010 was (show your work):

Definitions:

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