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.

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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