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Jim Connor is the owner of Wave Riders, a surf shop located in West Palm Beach, Florida.Jim has just received his end of the year financial statements from his accountant. When he sees his gross and net income he is dismayed. With almost $250,00 in gross profit he just does not understand why he is always short on cash to pay his employees and suppliers. One of his largest suppliers of surf boards notified him just last month that they would no longer extend him credit and he would have to pre-pay all of his orders. He puts a call into his accountant to set up a meeting with her to discuss the financial health of his business.
Problem 1: Using the industry ratios that have been provided, compare Wave Rider's ratios with those for the industry. What "red flags" do you see when making this comparison?
Problem 2: What do you think might be causing the deviations that you see between Wave Riders ratios and the industry ratios?
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