Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the 2018 income statement of adrian express report

The 2018 income statement of Adrian Express reports sales of S18,612,000, cost of goods sold...

80.2K

Verified Solution

Question

Accounting

image

The 2018 income statement of Adrian Express reports sales of S18,612,000, cost of goods sold of $11,696,000, and net income of $1,680,000. Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory 5 680,000 1.560,000 1.960,000 4,880,000 840,000 1.080,000 1.480,000 4,320,000 Long-term assets Total assets 5 9,080,000 $7.720,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stockk Retained earnings 5 1,940,000 1,740,000 2.380.000 2.480,000 1.920,000 2.840,000 1,580,000 1.920,000 Total liabilities and stockholders' equity 59,080,000 $7.720,000 Industry averages for the following four risk ratios are as follows Average collection period Average days in inventory Current ratio Debt to equity ratico 25 days 60 days 2 to 1 50% Required: 1. Calculate the four risk ratios listed above for Adrian Express in 2018. (Use 365 days in a year. Round your answers to 1 decimal place.) Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratico days days to 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

The most recent financial statements for Zoso, Inc., are shown here (assuming no income taxes):   Income Statement Balance...

Psychology
1.2K views

discuss domestic abuse. what is it? Are there different types of abuse? What are the symptoms?

Psychology
1.2K views

What are the various strategies employed by interest groups to accomplish their goals? Discuss each of...

Basic Math
1.2K views

Meteorites randomly strike the earth’s surface at an average rate of 90 meteorites per hour. (a) Find...

Biology
1.2K views

In dogs, dark coat color is dominant to albinism, and short-haired coat is dominant to...

Physics
1.2K views

A beam of unpolarized light of intensity lo is passed through a polaroid A and...

Geometry
1.2K views

mes that are possible and 2 A bag contains 5 green marbles and 8 blue...

Basic Math
1.2K views

Hannah has to make 105 gallons of punch for a big party. The punch is...

Accounting
1.2K views

image

Accounting
1.2K views

Required information (The following information applies to the questions displayed below.) At the beginning of...

Accounting
1.2K views

Exercise 14-3 (Algo) Financial Ratios for Asset Management [LO14-3] Comparative financial statements for Woller Corporation,...

Finance
1.2K views

An investor entered into a one-year long forward contract on Frozen Orange Juice Concentrate (FOJC)...