How to find the answer to debt to equity ratio? The 2021 income statement...

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How to find the answer to debt to equity ratio?

The 2021 income statement of Adrian Express reports sales of $15,327,000, cost of goods sold of $9,106,000, and net income of $1,580,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 580,000 $ 740,000 1,360,000 980,000 1,760,000 1,380,000 4,780,000 4,220,000 $8,480,000 $7,320,000 $2,000,000 $1,640,000 2,280,000 2,380,000 1,960,000 1,960,000 2,240,000 1,340,000 $8,480,000 $7,320,000 Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2021. (Use 365 days in a year. Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Risk Ratios Average collection period Average days in inventory 27.9 days days 62.9 Current ratio 1.9 to 1 Debt to equity ratio 1.1 %

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