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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,300 (6,375) 2,925 (2,175) (230) (208) $ 312 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable $ 630 630 $ 530 430 Inventory 830 630 Property, plant, and equipment (net) 2,300 2,400 $ 4,390 $ 3,990 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,280 1,550 630 $ 1,030 1,550 630 Retained earnings 930 780 $ 4,390 $ 3,990 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.

Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,300 (6,375) 2,925 (2,175) (230) (208) $ 312 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable $ 630 630 $ 530 430 Inventory 830 630 Property, plant, and equipment (net) 2,300 2,400 $ 4,390 $ 3,990 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,280 1,550 630 $ 1,030 1,550 630 Retained earnings 930 780 $ 4,390 $ 3,990 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,300 (6,375) 2,925 (2,175) (230) (208) $ 312 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable $ 630 630 $ 530 430 Inventory 830 630 Property, plant, and equipment (net) 2,300 2,400 $ 4,390 $ 3,990 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,280 1,550 630 $ 1,030 1,550 630 Retained earnings 930 780 $ 4,390 $ 3,990 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.
Transcribed Image Text:Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income $ 9,300 (6,375) 2,925 (2,175) (230) (208) $ 312 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable $ 630 630 $ 530 430 Inventory 830 630 Property, plant, and equipment (net) 2,300 2,400 $ 4,390 $ 3,990 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,280 1,550 630 $ 1,030 1,550 630 Retained earnings 930 780 $ 4,390 $ 3,990 Required: Calculate the following ratios for 2024. Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.
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