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 Assets Cash $ 9,800 (6,500) Bonds payable Common stock Retained earnings 3,300 (2,300) (280) (288) $ 432 Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory December 31. 2024 $ 680 680 880 2,800 $ 5,040 2823 $ 1,580 1,800 680 980 $ 5,040 $ 4,640 times $580 480 680 2,900 $ 4,640 days ima 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. $ 1,330 1,800 680 830
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 Assets Cash $ 9,800 (6,500) Bonds payable Common stock Retained earnings 3,300 (2,300) (280) (288) $ 432 Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities 1. Inventory turnover ratio 2. Average days in inventory December 31. 2024 $ 680 680 880 2,800 $ 5,040 2823 $ 1,580 1,800 680 980 $ 5,040 $ 4,640 times $580 480 680 2,900 $ 4,640 days ima 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. $ 1,330 1,800 680 830
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

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
Assets
Cash
$ 9,800
(6,500)
Bonds payable
Common stock
Retained earnings
3,300
(2,300)
(280)
(288)
$ 432
Comparative Balance Sheets
Accounts receivable
Inventory
Property, plant, and equipment (net)
Liabilities and Shareholders' Equity
Current liabilities
1. Inventory turnover ratio
2. Average days in inventory
Darashlas narratin
December 31
2024
$ 680
680
880
2,800
$ 5,040
2823
$ 580
480
680
2,900
$ 4,640
$ 1,580
1,800
680
680
980
830
$ 5,040 $ 4,640
times
days
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.
$ 1,330
1,800
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