Cold Corporation Income Statement For the Year Ended December 31, 2020 Industry Averages Sales (all on credit) Profit margin 6.50% 2,200,000 Cost of goods sold Return on assets 9.32% 1,540,000 Gross margin Return on equity 14.82% 660,000 Operating expenses Receivables turnover 12.12 420,000 Earnings before interest and taxes Average collection period 30.12 Interest expense Earnings before taxes Taxes (25%) 240,000 90,000 150,000 Inventory turnover Capital asset turnover 5.38 2.25 37,500 Total asset turnover 1.69 Net income after taxes $ 112,500 Current ratio Quick ratio Total liabilities to total assets Times interest earned 2.45 1.38 52.71% 2.19 Cold Corporation Balance Sheet As at December 31, 2020 Assets Cash $ 45,000 Cold Corporation Income Statement For the Year Ended December 31, 2020 Industry Averages Sales (all on credit) Profit margin 6.50% 2,200,000 Cost of goods sold Return on assets 9.32% 1,540,000 Gross margin Return on equity 14.82% 660,000 Operating expenses Receivables turnover 12.12 420,000 Earnings before interest and taxes Average collection period 30.12 Interest expense Earnings before taxes Taxes (25%) 240,000 90,000 150,000 Inventory turnover Capital asset turnover 5.38 2.25 37,500 Total asset turnover 1.69 Net income after taxes $ 112,500 Current ratio Quick ratio Total liabilities to total assets Times interest earned 2.45 1.38 52.71% 2.19 Cold Corporation Balance Sheet As at December 31, 2020 Assets Cash $ 45,000