Question
The 2021 income statement of Adrian Express reports sales of $21,910,000, cost c $2,220,000. Balance sheet information is provided in the following table. Assets Current
The 2021 income statement of Adrian Express reports sales of $21,910,000, cost c $2,220,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 960,000 1,925,000 1,295 2,455,000 5,160,000 $10,500,000 $8,588 2021 $ Industry averages for the following profitability ratios are as follows: FAT $ 2,206,000 $1,916 2,634,000 2,656 2,225,000 2,095 3,435,000 1,913 $10,500,000 $8,580
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