Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,300 (6,375) 2,925 (2,175) (230) (208) $312 Bonds payable Common stock Retained earnings Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $630 630 830 2,300 $ 4,390 $ 1,280 1,550 630 930 $4,390 2023 $530 430 630 2,400 $ 3,990 $ 1,030 1,550 630 780 $ 3,990 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): 2024 Income Statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,300 (6,375) 2,925 (2,175) (230) (208) $312 Bonds payable Common stock Retained earnings Comparative Balance Sheets Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $630 630 830 2,300 $ 4,390 $ 1,280 1,550 630 930 $4,390 2023 $530 430 630 2,400 $ 3,990 $ 1,030 1,550 630 780 $ 3,990 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 Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 1FSA: Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at...

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