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2 The condensed statements of Independent Auto Inc. follow: 25 Net sales points Print Independent Auto Inc. Income Statement (5000) For Years Ended December 31
2 The condensed statements of Independent Auto Inc. follow: 25 Net sales points Print Independent Auto Inc. Income Statement (5000) For Years Ended December 31 Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2020 $209,400 125,284 $ 84,116 $ 29,587 18,951 2019 $192,600 119,550 $ 73,050 $ 26,605 26,975 $ 53,580 $ 19,470 6,137 $ 48,538 $ 35,578 6,753 $ 28,825 $ 13,333 2018 $167,400 106,278 $61,122 $ 22,136 13,849 $ 35,985 $ 25,137 5,203 $ 19,934 Independent Auto Inc. Balance Sheet (5000) December 31 Assets Current assets Non-strategic investments Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 2020 2019 2018 $ 35,036 $27,647 $36,554 0 570 3,154 65,200 69,400 42,100 $100,236 $97,617 $81,808 $ 14,690 $14,522 $14,186 58,900 58,900 44,200 26,646 24,195 23,422 $100,236 $97,617 $81,808 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios December 31, 2020 to 11 December 31, 2019 December 31, 2018 to 1 27 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places. INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018. Net sales 2020 2019 2018 Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 5 ints 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) Print INDEPENDENT AUTO INC. Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 Assets Current assets Non-strategic investments - Plant and equipment, net Total assets Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity 2018
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