The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000)For Years Ended December 31 2023 2022 2021 Net sales $209,800 $193,000 $167,800 Cost of goods sold 125,384 119,650 106,378 Gross profit from sales $84,416 $73,350 $61,422 Selling expenses $29,647 $26,665 $22,196 Administrative expenses 18,991 27,015 13,889 Total operating expenses $48,638 $53,680 $36,085 Profit before taxes $35,778

Sep 8, 2023

The condensed statements of Independent Auto Inc. follow:

Independent Auto Inc.

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The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($000)For Years Ended December 31 2023 2022 2021 Net sales $209,800 $193,000 $167,800 Cost of goods sold 125,384 119,650 106,378 Gross profit from sales $84,416 $73,350 $61,422 Selling expenses $29,647 $26,665 $22,196 Administrative expenses 18,991 27,015 13,889 Total operating expenses $48,638 $53,680 $36,085 Profit before taxes $35,778
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Income Statement ($000)For Years Ended December 31 

  1.                                                2023            2022              2021
  2. Net sales                          $209,800       $193,000       $167,800 
  3. Cost of goods sold            125,384        119,650           106,378 
  4. Gross profit from sales   $84,416         $73,350           $61,422 
  5. Selling expenses               $29,647           $26,665           $22,196 
  6. Administrative expenses  18,991              27,015            13,889 
  7. Total operating expenses $48,638           $53,680          $36,085 
  8. Profit before taxes               $35,778            $19,670        $25,337 
  9. Income taxes                         6,813                  6,197              5,263 
  10. Profit                                      $28,965                 $13,473          $20,074

Independent Auto Inc. Balance Sheet ($000)December 31

  1.                                           2023            2022                      2021
  2. Assets 
  3. Current assets               $35,236            $27,847           $36,754 
  4. Non-strategic investments 0                      610                   3,254 
  5. Plant and equipment, net  65,600             69,800               42,500 
  6. Total assets                            $100,836           $98,257          $82,508
  7. Liabilities and Equity 
  8. Current liabilities                   $14,790                $14,622          $14,286 
  9. Common shares                     59,300                   59,300             44,600 
  10. Retained earnings                    26,746                  24,335               23,622 
  11. Total liabilities and equity      $100,836                  $98,257            $82,508

  12. Required:
    1. Calculate each year’s current ratio. (Round the final answers to 1 decimal place.)
    2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.)
    3. Express the balance sheet data in trend percentages with 2021 as the base year. (Round your final percentage answers to 2 decimal places.)

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