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Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 10,000 Cost of goods sold (6,550 )
Financial statements for Askew Industries for 2021 are shown below (in thousands):
2021 Income Statement | |||
Net sales | $ | 10,000 | |
Cost of goods sold | (6,550 | ) | |
Gross profit | 3,450 | ||
Operating expenses | (2,350 | ) | |
Interest expense | (300 | ) | |
Income tax expense | (320 | ) | |
Net income | $ | 480 | |
Comparative Balance Sheets | |||||||
Dec. 31 | |||||||
2021 | 2020 | ||||||
Assets | |||||||
Cash | $ | 700 | $ | 600 | |||
Accounts receivable | 700 | 500 | |||||
Inventory | 900 | 700 | |||||
Property, plant, and equipment (net) | 3,000 | 3,100 | |||||
$ | 5,300 | $ | 4,900 | ||||
Liabilities and Shareholders Equity | |||||||
Current liabilities | $ | 1,700 | $ | 1,450 | |||
Bonds payable | 1,900 | 1,900 | |||||
Common stock | 700 | 700 | |||||
Retained earnings | 1,000 | 850 | |||||
$ | 5,300 | $ | 4,900 | ||||
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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