The 2018 income statement of Adrian Express reports sales of $22,310,000, cost of...
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The 2018 income statement of Adrian Express reports sales of $22,310,000, cost of goods sold of $13,000,000, and net income of $2,300,000. Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash Accounts receivable Inventory $1,000,000 $1,010,000 1,975,000 1,325,000 2,525,000 875,000 5,200,000 4,490,000 Long-term assets Total assets $10,700,000 $8,700,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained eanings $2,250,000 $1,940,000 2,680,000 2,275,000 2,125,000 3,505,000 1,955,000 2,670,000 Total liabilities and stockholders' equity $10,700,000 $8,700,000 Industry averages for the following profitability ratios are as follows Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45 % 25 % 15% 2.5 times 35 %
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