Question
Financial statements for Askew Industries for 2018 are shown below (in $000's): 2018 Income Statement Sales 9,000.00 Cost of goods sold (6,300.00) Gross profit 2,700.00
Financial statements for Askew Industries for 2018 are shown below (in $000's): 2018 Income Statement Sales 9,000.00 Cost of goods sold (6,300.00) Gross profit 2,700.00 Operating expenses (2,000.00) Interest expense 200.00 Tax expense 200.00 Net income 300.00 Comparative Balance Sheets Dec. 31 2018 2017 Assets Cash 600.00 500.00 Accounts receivable 600.00 400.00 Inventory 800.00 600.00 Property, plant, and equipment (net) 2,000.00 2,100.00 4,000.00 3,600.00 Liabilities and Shareholders' Equity Current liabilities 1,100.00 850.00 Bonds payable 1,400.00 1,400.00 Paid-in capital 600.00 600.00 Retained earnings 900.00 750.00 4,000.00 3,600.00 Required: Calculate the following ratios for 2018.(Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.)
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