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3. Value: 10.00 points Exercise 12-5 Evaluate risk ratios (LO12-3) The 2018 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold
3. Value: 10.00 points Exercise 12-5 Evaluate risk ratios (LO12-3) The 2018 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold of $12,250000, and net income of $1,700,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Long-term assets $ 700,000 $ 860,000 1,600,000 1,100,000 2,000,000 1,500,000 4,900,000 4,340,000 Total assets $9,200,000 $7,800,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings $1,920,000 2,400,000 1,900,000 2,980,000 $1,760,000 2,500,000 1,900,000 1,640,000 Total liabilities and stockholders' equity $9,200,000 $7,800,000
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