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The 2021 income statement of Adrian Express reports sales of $15,642,000, cost of goods sold of $9,351,500, and net income of $1,590,000. Balance sheet information
The 2021 income statement of Adrian Express reports sales of $15,642,000, cost of goods sold of $9,351,500, and net income of $1,590,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets Assets Current assets: Cash Accounts receivable December 31, 2021 and 2020 2021 2020 $ 590,000 $ 750,000 1,380,000 990,000 1,780,000 1,390,000 4,790,000 4,230,000 $8,540,000 $7,360,000 $2,010,000 $1,650,000 2,290,000 2,390,000 1,980,000 1,980,000 2,260,000 1,340,000 $8,540,000 $7,360,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 508 Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days in a year. Round your answers to 1 decimal place.) Risk Ratios Average collection period days Average days in inventory days Current ratio Debt to equity ratio to 11 %
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