- Award 25 00 Points The Condensed Statements Of Independent Auto Inc Follow Independent Auto Inc Income Statement 0 1 (90.33 KiB) Viewed 47 times
- Award 25 00 Points The Condensed Statements Of Independent Auto Inc Follow Independent Auto Inc Income Statement 0 2 (39.7 KiB) Viewed 47 times
Award: 25.00 points The condensed statements of Independent Auto Inc. follow. Independent Auto Inc. Income
Statement ($000) For Years Ended December 31 2020 Net sales $208,900 Cost of goods sold 125,159 Gross profit from sales $ 83,741 Selling expenses $ 29,512 Administrative expenses 18.901 Total operating expenses $ 48,413 Profit before taxes $ 35,328 Income taxes 6,678 Profit $ 28,650 2019 2018 $192,100 $166,900 $ 119,425 106,153 $ 72,675 $ 60,747 $ 26,530 $ 22,061 26,925 13,799 $ 53,455 $ 35,860 $ $ 19,220 $ 24,887 6,062 5,128 $ 13,158 $ 19,759 Independent Auto Inc. Balance Sheet (8000) December 31 2020 2019 2018 $34,786 0 64,700 $99,486 $27,397 520 68,900 $96,817 $36,304 3,029 41,600 $30.933 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity $14,565 58,400 26,521 $99,486 $14,397 58,400 24,020 $96,817 $14,061 43,700 23,172 $80,933 Required: 1. Calculate each year's current ratio. (Round th final answers to 1 decimal place.) December 31, 2020 December 31, 2019 December 31, 2018 Current ratios 2.4 to 1 19 to 1 26 to 1 2. Express the income
statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC Common-Size Comparative Income
Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales 100.00 100.00 100.00 Cost of goods sold 59.91 62.17 63.60 Gross profit from sales 40.09 37.83 36.01 Selling expenses 13.81 13.22 Administrative expenses 9.05 14.02 8.27 Total operating expenses 23.18 27.83 21.49 Profit before taxes 16.91 10.01 14.91 Income taxes 3.20 3.16 3.07 Profit 13.71 6.85 11.84 14.13
3. Express the balance sheet data in trend percentages with 2018 as the base year. (Roun your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity