The 2024 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net income $2,420,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 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: 2024 2023 $1,060,000 $1,040,000 2,050,000 1,370,000 2,630,000 5,260,000 1,950,000 4,520,000 $11,000,000 $8,880,000 $2,316,000 $1,976,000 2,724,000 2,716,000 2,350,000 2,170,000 3,610,000 2,018,000 $11,000,000 $8,880,000

The 2024 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net income $2,420,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 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: 2024 2023 $1,060,000 $1,040,000 2,050,000 1,370,000 2,630,000 5,260,000 1,950,000 4,520,000 $11,000,000 $8,880,000 $2,316,000 $1,976,000 2,724,000 2,716,000 2,350,000 2,170,000 3,610,000 2,018,000 $11,000,000 $8,880,000

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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