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The 2021 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income of $1,510,000. Balance sheet information
The 2021 income statement of Adrian Express reports sales of $13,206,000, cost of goods sold of $7,471,500, and net income of $1,510,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2021 2020 $ 510,000 $ 670,000 910,000 1,220,000 1,620,000 1,310,000 4,710,000 4,150,000 $8,060,000 $7,040,000 Industry averages for the following four risk ratios are as follows: $1,930,000 $1,570,000 2,270,000 2,310,000 1,820,000 1,820,000 2,040,000 1,340,000 $8,060,000 $7,040,000
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