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Financial statements for Askew Industries for 2016 are shown below (in $000?s): 2016 Income Statement Sales $ 9,000 Cost of goods sold (6,300 ) Gross
Financial statements for Askew Industries for 2016 are shown below (in $000?s): |
2016 Income Statement | |||
Sales | $ | 9,000 | |
Cost of goods sold | (6,300 | ) | |
Gross profit | 2,700 | ||
Operating expenses | (2,000 | ) | |
Interest expense | (200 | ) | |
Tax expense | (200 | ) | |
Net income | $ | 300 | |
Comparative Balance Sheets | ||||||
Dec. 31 | ||||||
2016 | 2015 | |||||
Assets | ||||||
Cash | $ | 600 | $ | 500 | ||
Accounts receivable | 600 | 400 | ||||
Inventory | 800 | 600 | ||||
Property, plant, and equipment (net) | 2,000 | 2,100 | ||||
$ | 4,000 | $ | 3,600 | |||
Liabilities and Shareholders? Equity | ||||||
Current liabilities | $ | 1,100 | $ | 850 | ||
Bonds payable | 1,400 | 1,400 | ||||
Paid-in capital | 600 | 600 | ||||
Retained earnings | 900 | 750 | ||||
$ | 4,000 | $ | 3,600 | |||
Required: |
Calculate the following ratios for 2016.(Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.) |
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