The condensed statements of Independent Auto Inc. follow:

Independent Auto Inc.

Income Statement $($$$000)$

For Years Ended December $31$

$202320222021$

Net sales $ $210,200$ $ $193,400$ $ $168,200$

Cost of goods sold $125,484119,750106,478$

Gross profit from sales $ $84,716$ $ $73,650$ $ $61,722$

Selling expenses $ $29,707$ $ $26,725$ $ $22,256$

Administrative expenses $19,03127,05513,929$

Total operating expenses $ $48,738$ $ $53,780$ $ $36,185$

Profit before taxes $ $35,978$ $ $19,870$ $ $25,537$

Income taxes $6,8736,2575,323$

Profit $ $29,105$ $ $13,613$ $ $20,214$

Independent Auto Inc.

Balance Sheet $($$$000)$

December $31$

$202320222021$

Assets

Current assets $ $35,436$ $ $28,047$ $ $36,954$

Non$-$strategic investments $06503,354$

Plant and equipment, net $66,00070,20042,900$

Total assets $ $101,436$ $ $98,897$ $ $83,208$

Liabilities and Equity

Current liabilities $ $14,890$ $ $14,722$ $ $14,386$

Common shares $59,70059,70045,000$

Retained earnings $26,84624,47523,822$

Total liabilities and equity $ $101,436$ $ $98,897$ $ $83,208$

Required:

$1.$ Calculate each year$$s current ratio. $($Round the final answers to $1$ decimal placeExpress the income statement data in common$-$size percentages. $($Round your final percentage answers to $2$ decimal places.$)$

$3.$ Express the balance sheet data in trend percentages with $2021$ as the base year. $($Round your final percentage answers to $2$ decimal places.$)$

Answer rating: 100% (QA)

Ill patiently help you with this question Part 1 Current Ratio To calculate the current ratio we need to divide the current assets by the current liab... View the full answer