Use the data for Lake City Industries, Inc., from P4-50B.

Requirements

1. Calculate the earnings per share for Lake City Industries for the year. Assume an average of 25,000 common shares were outstanding during the year. Round to the nearest cent.

2. The earnings per share for 2017 was $5.12. Did the earnings per share improve or deteriorate during 2018?

3. Calculate the gross profit percentage for Lake City Industries for the year.

4. The gross profit percentage for 2017 was 59.8 percent. Did the gross profit percentage improve or deteriorate during 2018?

5. Calculate the net income percentage for Lake City Industries for the year.

6. The net income percentage for 2017 was 31.3 percent. Did the net income percentage improve or deteriorate during 2018?

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Sales Revenue. Equipment. Accounts Payable.. Estimated Inventory Returns... Advertising Expense. Interest Expense . Salaries Payable.. Accounts Receivable.. Building . Estimated Refund $371,300 85,000 11,600 1,800 12,300 1,700 2,500 6,800 155,000 Cost of Goods Sold... Accumulated Depreciation, Equipment . Unearned Sales Revenue . $138,600 26,400 4,300 4,800 43,600 Prepaid Rent.. Office Salaries Expense (General) .... Accumulated Depreciation, Building. Utilities Expense (General) Dividends. 61,200 3,800 60,000 18,450 7,850 1,100 7,500 Cash . Retained Earnings, 10/31/2017. Delivery Expense. Insurance Expense (General) ... Mortgage Payable (Long-Term) Supplies. 3,400 65,000 Liability . Common Stock . Depreciation Expense (General) . Inventory.. Commission Expense.. 10,300 20,700 31,200 50,000 900