Question: Use the balance sheets provided and selected income statement information to compute various ratios: ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020
Use the balance sheets provided and selected income statement information to compute various ratios: ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 700,000 $ 860,000 Accounts receivable 1,600,000 1,100,000 Inventory 2,000,000 1,500,000 Long-term assets 4,900,000 4.340,000 Total assets $9,200,000 $7,800,000 Liabilities and Stockholders' Equity Current liabilities $1,920,000 $1,760,000 Long-term liabilities 2,400,000 2,500,000 Common stock 1,900,000 1,900,000 Retained earnings 2,980,000 1,640,000 Total liabilities and stockholders' equity $9,200,000 $7,800,000 Selected income statement information for Adrian Express for the year ended Dec. 31, 2021: Sales $ 19,310,000 Cost of goods sold $ 12,250,000 Net income $ 1,700,000 14. Fill in the table below for 2021 (5 points). Ratio Formula Calculations Answer Current ratio Debt-to-equity ratio Inventory turnover ratio Return on assets ratio Profit margin
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