Question
Asset Efficiency Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021
Asset Efficiency Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense Other income Gain on sale of investments Income before income taxes Provision for income taxes (63,685) (62,398) (63,927) 7,308 10,080 11,529 0 $645,179 9,117 $745,497 0 $660,302 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 ASSETS Current assets: Cash and equivalents Steele Inc. Consolidated Balance Sheets (In thousands) Dec. 31, 2023 Dec. 31, 2022 $320,558 $41,235 >
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