Question: Financial statements for Askew Industries for 2016 are shown below (in $000?s): 2016 Income Statement Sales $ 9,000 Cost of goods sold (6,300 ) Gross
| Financial statements for Askew Industries for 2016 are shown below (in $000?s): |
| 2016 Income Statement | |||
| Sales | $ | 9,000 | |
| Cost of goods sold | (6,300 | ) | |
| Gross profit | 2,700 | ||
| Operating expenses | (2,000 | ) | |
| Interest expense | (200 | ) | |
| Tax expense | (200 | ) | |
| Net income | $ | 300 | |
| Comparative Balance Sheets | ||||||
| Dec. 31 | ||||||
| 2016 | 2015 | |||||
| Assets | ||||||
| Cash | $ | 600 | $ | 500 | ||
| Accounts receivable | 600 | 400 | ||||
| Inventory | 800 | 600 | ||||
| Property, plant, and equipment (net) | 2,000 | 2,100 | ||||
| $ | 4,000 | $ | 3,600 | |||
| Liabilities and Shareholders? Equity | ||||||
| Current liabilities | $ | 1,100 | $ | 850 | ||
| Bonds payable | 1,400 | 1,400 | ||||
| Paid-in capital | 600 | 600 | ||||
| Retained earnings | 900 | 750 | ||||
| $ | 4,000 | $ | 3,600 | |||
| Required: |
| Calculate the following ratios for 2016.(Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) |
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