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The 2024 income statement of Adrian Express reports sales of $22,710,000, cost of goods sold of $13,100,000, and net income of $2,380,000. Balance sheet
The 2024 income statement of Adrian Express reports sales of $22,710,000, cost of goods sold of $13,100,000, and net income of $2,380,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets. December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable 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: Gross profit ratio. 45% Return on assets 25% Profit margin 15% Asset turnover 18.5 times Return on equity 35% $1,040,000 $1,030,000 2,025,000 1,355,000 2,595,000 1,925,000 5,240,000 4,510,000 $10,900,000 $8,820,000 $2,294,000 $1,964,000 2,706,000 2,704,000 2,325,000 2,155,000 3,575,000 1,997,000 $10,900,000 $8,820,000
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