The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement (5000) For Years...

   

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The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement (5000) For Years Ended December 31 Net sales Cost of goods sold. Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes. Income taxes Profit Assets Current assets Non-strategic investments Plant and equipment, net Total assets 2023 $210,400 125,534 $ 84,866 $ 29,737 Independent Auto Inc. Balance Sheet (5000) December 31 Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 19,051 $ 48,788 $36,078 6,903 $ 29,175 2023 $ 35,536 0 66,200 $101,736 $ 14,940 59,900 26,896 $101,736 2022 $193,600 119,800 $ 73,800 $ 26,755 27,075 $ 53,830 $ 19,970 6,287 $ 13,683 2022 2021 $168,400 106,528 $ 61,872 $ 22,286 13,949 $36,235 $ 25,637 5,353 $ 20,284 2021 $28,147 $37,054 670 3,404 70,400 43,100 $99,217 $83,558 $14,772 $14,436 59,900 45,200 24,545 23,922 $99,217 $83,558 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2023 December 31, 2022 December 31, 2021 Current ratios to 1 to 1 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places. INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2023, 2022, and 2021 2023 2022 2021 Net sales Cost of goods sold Gross profit from sales Selling expenses 3. Express the balance sheet data in trend percentages with 2021 as the base year. (Round your final percentage answers to 2 decimal places.) The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement (5000) For Years Ended December 31 Net sales Cost of goods sold. Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes. Income taxes Profit Assets Current assets Non-strategic investments Plant and equipment, net Total assets 2023 $210,400 125,534 $ 84,866 $ 29,737 Independent Auto Inc. Balance Sheet (5000) December 31 Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 19,051 $ 48,788 $36,078 6,903 $ 29,175 2023 $ 35,536 0 66,200 $101,736 $ 14,940 59,900 26,896 $101,736 2022 $193,600 119,800 $ 73,800 $ 26,755 27,075 $ 53,830 $ 19,970 6,287 $ 13,683 2022 2021 $168,400 106,528 $ 61,872 $ 22,286 13,949 $36,235 $ 25,637 5,353 $ 20,284 2021 $28,147 $37,054 670 3,404 70,400 43,100 $99,217 $83,558 $14,772 $14,436 59,900 45,200 24,545 23,922 $99,217 $83,558 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31, 2023 December 31, 2022 December 31, 2021 Current ratios to 1 to 1 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places. INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2023, 2022, and 2021 2023 2022 2021 Net sales Cost of goods sold Gross profit from sales Selling expenses 3. Express the balance sheet data in trend percentages with 2021 as the base year. (Round your final percentage answers to 2 decimal places.)

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Current Assets divided by Current Liabilities is how the current ratio is computed Current Ratio for ... View the full answer