condensed financial statements of Vaughn Company for the years 2021 and 2022 are as follows. Vaughn Company Balance Sheets December 31 (in thousands)     2022   2021 Current assets            Cash and cash equivalents   $350   $350    Accounts receivable (net)   450   370    Inventory   470   420    Prepaid expenses   120   170       Total current assets   1,390   1,310 Property, plant, and equipment (net)   370   340 Investments   1   10 Other assets   490   470       Total assets   $2,251   $2,130 Current liabilities   $830   $730 Long-term liabilities   391   370 Stockholders’ equity—common   1,030   1,030       Total liabilities and stockholders’ equity   $2,251   $2,130   Vaughn Company Income Statements For the Years Ended December 31 (in thousands)     2022   2021 Net sales   $3,880   $3,530 Expenses            Cost of goods sold   950   910    Selling and administrative expenses   2,420   2,340    Interest expense   10   20       Total expenses   3,380   3,270 Income before income taxes   500   260 Income tax expense   200   104 Net income   $300   $156 Compute the following ratios for 2022 and 2021. Inventory on December 31, 2020, was $330. Assets on December 31, 2020, were $1,910. Stockholders’ equity—common on December 31, 2020, was $900. (Round current ratio and inventory turnover to 2 decimal places, e.g. 15.25. Round other answers to 1 decimal place, e.g. 15.2 or 15.2%.)         2022   2021 (a)   Current ratio   enter ratio rounded to 2 decimal places  :1   enter ratio rounded to 2 decimal places :1 (b)   Inventory turnover   enter a number of times rounded to 2 decimal places times   enter a number of times rounded to 2 decimal places times (c)   Profit margin   enter percentages rounded to 1 decimal place %   enter percentages rounded to 1 decimal place

The 2021 income statement of Adrian Express reports sales of $19,710,000, cost of goods sold of $12,350,000, and net income of $1,780,000. Balance sheet information is provided in the following table. Assets Current assets: Cash ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 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 Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45% 25% 15% 2021 Industry averages for the following profitability ratios are as follows: 3.5 times 35% 2020 $ 740,000 $ 880,000 1,650,000 1,130,000 2,070,000 1,550,000 4,940,000 4,360,000 $9,400,000 $7,920,000 $1,964,000 $1,784,000 2,436,000 2,524,000 1,950,000 1,930,000 3,050,000 1,682,000 $9,400,000 $7,920,000

Consider the following financial data for Terry Enterprises:     Balance Sheet as of December 31, 2018               Cash $ 86,000   Accounts payable $ 15,500 Accts. receivable   91,500   Notes payable   93,500 Inventories   65,500   Accruals   19,500   Total current assets $ 243,000     Total current liabilities $ 128,500         Long-term debt   162,500 Net plant & equip.   419,500   Common equity   371,500 Total assets $ 662,500   Total liab. & equity $ 662,500               Statement of Earnings for 2018   Industry Average Ratios               Net sales $ 642,500   Current ratio 2.2× Cost of goods sold   482,000   Quick ratio 1.7× Gross profit $ 160,500   Days sales outstanding 44 days Operating expenses   119,500   Inventory turnover 6.7×   EBIT $ 41,000   Total asset turnover 0.6× Interest expense   14,500   Net profit margin 7.2%   Pre-tax earnings $ 26,500…

The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020 appear below. Madrasah CorporationBalance Sheets Assets    Dec. 31, 2020    Jan. 1, 2020    Inc./Dec. Cash $ 20,000  $ 13,000 $ 7,000 Inc. Accounts receivable  106,000    88,000  18,000 Inc. Equipment   39,000    22,000  17,000 Inc. Less: Accumulated depreciation—equipment   17,000    11,000   6,000 Inc.  Total $148,000  $112,000   Liabilities and Stockholders' Equity       Accounts payable $ 20,000  $ 15,000   5,000 Inc. Common stock  100,000    80,000  20,000 Inc. Retained earnings   28,000    17,000  11,000 Inc.  Total    $148,000     $112,000      Net income of $44,000 was reported, and dividends of $33,000 were paid in 2020. New equipment was purchased and none was sold. Instructions a.    Prepare a statement of cash flows for the year 2020. b.    Compute the current ratio (current assets ÷ current liabilities) as of January 1, 2020, and December 31, 2020,…

he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600.     2022   2021 Current assets            Cash   $107,600   $95,900    Accounts receivable   78,400   89,400    Inventory   167,800   172,100    Prepaid expenses   26,800   22,000       Total current assets   $380,600   $379,400 Current liabilities            Accrued expenses payable   $15,800   $8,600    Accounts payable   84,900   95,500       Total current liabilities   $100,700   $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Condensed financial data of Pat Metheny Company for 2020 and 2019 are presented below. Pat Metheny CompanyComparative Balance SheetAs of December 31, 2020 and 2019      2020    2019 Cash $1,800  $1,150  Receivables 1,750  1,300  Inventory 1,600  1,900  Plant assets 1,900  1,700  Accumulated depreciation (1,200) (1,170) Long-term investments (held-to-maturity)  1,300   1,420    $7,150  $6,300  Accounts payable $1,200  $  900  Accrued liabilities 200  250  Bonds payable 1,400  1,550  Common stock 1,900  1,700  Retained earnings  2,450   1,900    $7,150  $6,300    Pat Metheny CompanyIncome StatementFor the Year Ended December 31, 2020 Sales revenue    $6,900 Cost of goods sold 4,700 Gross margin 2,200 Selling and administrative expense 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in…

The 2021 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold of $12,250,000, and net income of $1,700,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 700,000 $ 860,000 1,600,000 1,100,000 2,000,000 1,500,000 4,900,000 4,340,000 $9,200,000 $7,800,000 $1,920,000 $1,760,000 2,400,000 2,500,000 1,900,000 1,900,000 2,980,000 1,640,000 $9,200,000 $7,800,000 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% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your…

The 2021 income statement of Adrian Express reports sales of $15,642,000, cost of goods sold of $9,351,500, and net income of $1,590,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 Common stock Retained earnings Total liabilities and stockholders' equity Average collection period Average days in inventory Current ratio Debt to equity ratio Industry averages for the following four risk ratios are as follows: Risk Ratios Average collection period Average days in inventory Current ratio Debt to equity ratio 25 days 60 days 2 to 1 50% days days 2021 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.) to 1 % 2020 $ 590,000 1,380,000 $750,000 990,000…

Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:   WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions)      2020        2019   2018 Current assets $ 685   $ 917   $ 773   Other assets   2,417     1,924     1,723   Total assets $ 3,102   $ 2,841   $ 2,496   Current liabilities $ 581   $ 816   $ 714   Long-term liabilities   1,510     995     860   Stockholders’ equity   1,011     1,030     922   Total liabilities and stockholders' equity $ 3,102   $ 2,841   $ 2,496       WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020 and 2019 (in millions)       Income statement data:   2020     2019   Sales $ 3,054   $ 2,917   Operating income   300     314   Interest expense   88     69   Net income   203     198   Other data:             Average number of common shares outstanding   41.7     47.1   Total dividends paid $ 54.0…

The comparative balance sheet of Gus Company at December 31, 2021 and 2020 appears below: Assets: 12/31/2021 12/31/2020 Cash $  53,000  $ 120,000  Accounts receivable (net) 37,000  48,000  Inventories 108,500  100,000  Equipment 573,200  450,000  Accumulated depreciation-equipment  (142,000)  (176,000)   $629,700  $542,000  Liabilities & Stockholders Equity:     Accounts payable $  62,500  $  43,800  Bonds payable, due June 2021 0  100,000  Common stock, $10 par 335,000  285,000  Paid-in capital in excess of par - Common stock 74,000  55,000  Retained earnings   158,200      58,200    $629,700  $542,000    The income statement for the year ended December 31, 2021 appears below: Sales   $625,700  Cost of merchandise sold     340,000  Gross profit   285,700  Operating expenses (includes $26,000 depreciation expense)       94,000…