Financial statements for Askew Industries for 2024 are shown below (in thousands): Net sales 2024 Income Statement Cost of goods sold $ 9,000 (6,300) Gross profit Operating expenses Interest expense Income tax expense Net income 2,700 (2,100) (200) (100) $ 300 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 600 600 800 2,000 $ 500 400 $ 4,000 600 2,100 $ 3,600 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,100 Retained earnings 1,400 600 900 $ 850 1,400 600 750 $ 4,000 $ 3,600 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): Net sales 2024 Income Statement Cost of goods sold $ 9,000 (6,300) Gross profit Operating expenses Interest expense Income tax expense Net income 2,700 (2,100) (200) (100) $ 300 Comparative Balance Sheets 2024 December 31 2023 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 600 600 800 2,000 $ 500 400 $ 4,000 600 2,100 $ 3,600 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock $ 1,100 Retained earnings 1,400 600 900 $ 850 1,400 600 750 $ 4,000 $ 3,600 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Financial statements for Askew Industries for 2024 are shown below (in thousands):
Net sales
2024 Income Statement
Cost of goods sold
$ 9,000
(6,300)
Gross profit
Operating expenses
Interest expense
Income tax expense
Net income
2,700
(2,100)
(200)
(100)
$ 300
Comparative Balance Sheets
2024
December 31
2023
Assets
Cash
Accounts receivable
Inventory
Property, plant, and equipment (net)
$ 600
600
800
2,000
$ 500
400
$ 4,000
600
2,100
$ 3,600
Liabilities and Shareholders' Equity
Current liabilities
Bonds payable
Common stock
$ 1,100
Retained earnings
1,400
600
900
$ 850
1,400
600
750
$ 4,000
$ 3,600
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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