The 2021 income statement of Adrian Express reports sales of $16,932,000, cost of goods sold of...

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The 2021 income statement of Adrian Express reports sales of $16,932,000, cost of goods sold of $10,363,500, and net income of $1,630,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets. Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 630,000 $ 790,000 1,460,000 1,030,000 1,860,000 1,430,000 4,830,000 4,270,000 $8,780,000 $7,520,000 $1,990,000 $1,690,000 2,330,000 2,430,000 1,970,000 1,970,000 2,490,000 1,430,000 $8,780,000 $7,520,000 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 50% The 2021 income statement of Adrian Express reports sales of $16,932,000, cost of goods sold of $10,363,500, and net income of $1,630,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets. Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 630,000 $ 790,000 1,460,000 1,030,000 1,860,000 1,430,000 4,830,000 4,270,000 $8,780,000 $7,520,000 $1,990,000 $1,690,000 2,330,000 2,430,000 1,970,000 1,970,000 2,490,000 1,430,000 $8,780,000 $7,520,000 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 50%