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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,000 Cost of goods sold (6,300 )
Financial statements for Askew Industries for 2021 are shown below (in thousands):
2021 Income Statement | |||
Net sales | $ | 9,000 | |
Cost of goods sold | (6,300 | ) | |
Gross profit | 2,700 | ||
Operating expenses | (2,100 | ) | |
Interest expense | (200 | ) | |
Income tax expense | (100 | ) | |
Net income | $ | 300 | |
Comparative Balance Sheets | |||||||
Dec. 31 | |||||||
2021 | 2020 | ||||||
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 | |||||
Common stock | 600 | 600 | |||||
Retained earnings | 900 | 750 | |||||
$ | 4,000 | $ | 3,600 | ||||
Required: Calculate the following ratios for 2021. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.)
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