Selected comparative financial statement information of Bluegrass Corporation follows.

Required

1. Compute each year’s current ratio. Round ratios to one decimal. 

2. Express the income statement data in common-size percents. Round percents to two decimals. 

3. Express the balance sheet data in trend percents with 2018 as the base year. Round percents to two decimals. Analysis Component

4. Comment on any significant relations revealed by the ratios and percents computed.

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BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2020 2019 2018 BLUEGRASS CORPORATION Comparative Income Statements Assets For Years Ended December 31 2020 2019 2018 Current assets.... $ 54,860 $ 32,660 $ 36,300 Long-term investments.. 1,700 10,600 Sales $198,800 $166,000 $143,800 Plant assets, net.. Total assets.. 112,810 113,660 79,000 Cost of goods sold . 108,890 86,175 66,200 $167,670 $148,020 $125,900 Gross profit... 89,910 79,825 77,600 Llabilitles and Equity Selling expenses.. 22,680 19,790 18,000 Current liabilities... $ 22,370 $ 19,180 $ 16,500 Administrative expenses . 16,760 14,610 15,700 Common stock 46,500 46,500 37,000 Total expenses 39,440 34,400 33,700 Other paid-in capital.. 13,850 13,850 11,300 Income before taxes.. 50,470 45,425 43,900 Retained earnings. Income tax expense 6,050 $ 44,420 84,950 68,490 61,100 5,910 $ 39,515 5,300 Total liabilities and equity... $167,670 $148,020 $125,900 Net income $ 38,600