1.Following are Cranston's common-size income statements and balance sheets for 2013 and 2012. Prepare a common-size income statement and balance sheet for 2014.

Complete the 2014 common-size income statement below:(Round to two decimal places.)

Income Statements Cranston Dispensers, Inc.: Part 2 In the Chapter 13 mini-case, you learned that Cranston Dispensers, Inc. manufactures specialized pump and spray containers for a variety of products in the cosmetics, household cleaning supplies, and pharmaceutical industries. For most of 2013 and 2014, the price of Cranston's shares began falling, while shares of other companies in the industry were rising. The CFO has charged Susan McNulty, the recently appointed treasurer, with diagnosing Cranston's problems and improving the company's financial performance relative to its competitors. She has already reviewed Cranston's working capital management policies and will continue her analysis with a thorough review of the financial statements. She has gathered income statements,_, balance sheets, , , and additional information, , the three most recent years. Her assistant also has found a ratio analysis for fiscal 2012 and 2013 and updated industry benchmarks from published sources. Questions 1. Following are Cranston's common-size income statements and balance sheets for 2013 and 2012. Prepare a common-size income statement and balance sheet for 2014. 2. Complete the 2014 table of financial ratios for Cranston. 3. Use the common-size statements and the ratio analysis that you have prepared to comment on Cranston's: a. liquidity. \begin{tabular}{|l|r|r|r|} \hline \multicolumn{4}{|l|}{ Income Statements } \\ \hline Account & \multicolumn{1}{|l|}{2014} & \multicolumn{1}{|c|}{2013} & \multicolumn{1}{|c|}{2012} \\ \hline Sales & $3,784.15 & $3,201.97 & $2,760.03 \\ Cost of goods sold & $2,567.88 & $2,172.12 & $1,855.93 \\ \hline Gross profit (margin) & $1,216.27 & $1,029.85 & $904.10 \\ Selling, general, and administrative expenses & $550.21 & $477.82 & $406.07 \\ Depreciation & $247.17 & $230.04 & $199.92 \\ \hline EBIT & $418.89 & $321.99 & $298.11 \\ Interest expense & $20.53 & $24.64 & $14.35 \\ \hline Earnings before taxes & $398.36 & $297.35 & $283.76 \\ Taxes & $119.51 & $89.21 & $85.13 \\ \hline Net income & $278.85 & $208.14 & $198.63 \\ \hline \end{tabular} Click on the following Icon \begin{tabular}{|l|r|r|r|} \hline & 2014 & \multicolumn{1}{|c|}{2013} & \multicolumn{1}{c|}{2012} \\ \hline Stock price per share & $33.12 & $37.95 & $32.06 \\ \hline Dividend per share & $1.05 & $0.88 & $0.68 \\ \hline Shares outstanding (millions) & 143.2 & 143.2 & 143.2 \\ \hline \end{tabular}