The 2024 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of...
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The 2024 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income $1,510,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% $510,000 1,220,000 1,620,000 $670,000 910,000 1,310,000 4,710,000 4,150,000 $8,060,000 $7,040,000 $1,930,000 $1,570,000 2,270,000 2,310,000 1,820,000 1,820,000 2,040,000 1,340,000 $8,060,000 $7,040,000 The 2024 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income $1,510,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% $510,000 1,220,000 1,620,000 $670,000 910,000 1,310,000 4,710,000 4,150,000 $8,060,000 $7,040,000 $1,930,000 $1,570,000 2,270,000 2,310,000 1,820,000 1,820,000 2,040,000 1,340,000 $8,060,000 $7,040,000
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1 Profitability Analysis Gross Profit Margin Sales Cost of Goods Sold Sales 13206000 7471500 1320600... View the full answer
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