Financial statements for Askew Industries for 2016 are shown below (in $000's):
| 2016 Income Statement |
| Sales |
|
9,000 |
| Cost of goods sold |
|
(6,300) |
| |
| Gross profit |
|
2,700 |
|
| Operating expenses |
|
(2,000) |
|
| Interest expense |
|
(200) |
|
| Tax expense |
|
(200) |
|
| |
| Net income |
|
$300 |
|
| |
| Comparative Balance Sheets |
| |
Dec. 31 |
| |
2016 |
2015 |
| Assets |
|
|
| Cash |
600 |
500 |
| Accounts receivable |
600 |
400 |
| Inventory |
800 |
600 |
| Property, plant, and equipment (net) |
2,000 |
2,100 |
| |
| |
4,000 |
3,600 |
|
|
|
|
| |
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
| Current liabilities |
1,100 |
850 |
|
|
|
|
| Bonds payable |
1,400 |
1,400 |
|
|
|
|
| Paid-in capital |
600 |
600 |
|
|
|
|
| Retained earnings |
900 |
750 |
|
|
|
|
| |
| |
$4,000 |
$3,600 |
|
|
|
|
Required:
Calculate the following ratios for 2016. (Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.)