The 2021 income statement of Adrian Express reports sales of $13,500,000, cost of goods sold of $7,696,000, and net income of $1,520,000. 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 2020 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $520,000 $ 680,000 1,240,000 920,000 1,640,000 1,320,000 4,720,000 4,160,000 $8,120,000 $7,080,000 $1,940,000 $1,580,000 2,250,000 2,320,000 1,840,000 1,840,000 2,090,000 1,340,000 $8,120,000 $7,080,000 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%