Problem 4-12 Calculating activity and profitability ratios [LO4-10]

Financial statements for Askew Industries for 2018 are shown below (in $000s):

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.)

2018 Income Statement Sales Cost of goods sold Gross profit Operating expenses Interest expense Tax expense $ 8,900 6.125 2,775 (1,825) (130) 328 $ 492 Net income Comparative Balance Sheets Dec. 31 2018 2017 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 530 $ 430 330 530 1.300 1.400 $3,090 $2,690 530 730 Liabilities and Shareholders' Equity Current liabilities Bonds payable Paid-in capital Retained earnings $ 680 $ 430 1,050 530 830 680 $3,090 $2,690 1,050 530