Business, 18.06.2020 21:57 owlette2001

The 2018 income statement of Adrian Express reports sales of $20,510,000, cost of goods sold of $12,550,000, and net income of $1,940,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS
Balance Sheet
December 31, 2018 and 2017
2018 2017
Assets
Current assets:
Cash$820,000 $920,000
Accounts receivable 1,750,000 1,190,000
Inventory 2,210,000 1,650,000
Long-term assets 5,020,000 4,400,000

Total assets$9,800,000 $8,160,000
Liabilities and Stockholders' Equity
Current liabilities$2,052,000 $1,832,000
Long-term liabilities 2,508,000 2,572,000
Common stock 2,050,000 1,990,000
Retained earnings 3,190,000 1,766,000

Total liabilities and stockholders' equity$9,800,000 $8,160,000
Industry averages for the following profitability ratios are as follows:
Gross profit ratio45%
Return on assets25%
Profit margin15%
Asset turnover2.5times
Return on equity35%
Required:Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.)

Answers: 3

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The 2018 income statement of Adrian Express reports sales of $20,510,000, cost of goods sold of $12,...