2017 LANDWEHR CORPORATION Income Statement For the Years Ended December 31 2018 Sales revenue $745,000 Less: Sales retums and allowances 40,800 Net sales 704,200 Cost of goods sold 417,000 Gross profit 287,200 Operating expenses (including income taxes) 217,000 Net income $ 70,200 $706,000 50,200 655,800 399,500 256,300 222,000 $ 34,300 Additional information: 1. The market price of Landwehr's common stock was $4.00, $6.00, and $9.00 for 2016, 2017, and 2018, respectively. 2. All dividends were paid in cash. (a) Compute the following ratios for 2017 and 2018. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place 2017 2018 % % (1) Profit margin times times (2) Asset turnover (3) Earnings per share. (Weighted average common shares in 2018 were 30,600 and in 2017 were 32,000.) $ $ times times (4) Price-eamings ratio % % (5) Payout ratio % 24 (6) Debt to assets ratio Click if you would like to Show Work for this question: Open Show Work VIDEO SIMILAR PROBLEM LINK TO TEXT Problem 18-3A Condensed balance sheet and income statement data for Landwehr Corporation appea LANDWEHR CORPORATION Balance Sheets December 31 2018 2017 2016 Cash Accounts receivable (net) Other current assets Investments Plant and equipment (net) $ 25,000 50,500 89,100 74,900 400,200 $639,700 $75,700 79,400 401,000 83,600 $639,700 $ 16,000 44,200 94,500 71,000 370,800 $596,500 $79,400 84,800 318,000 114,300 $596,500 $ 18,500 47,300 64,200 45,800 357,000 $532,800 $70,400 49,600 302,000 110,800 $532,800 Current liabilities Long-term debt Common stock, $10 par Retained earnings 2017 LANDWEHR CORPORATION Income Statement For the Years Ended December 31 2018 Sales revenue $745,000 Less: Sales returns and allowances 40,800 Net sales 704,200 Cost of goods sold 417,000 Gross profit 287,200 Operating expenses (including income taxes) 217,000 Net income $ 70,200 $706,000 50,200 655,800 399,500 256,300 222,000 $ 34,300 Additional information: 1. The market price of Landwehr's common stock was $4.00, $6.00, and $9.00 for 2016, 2. All dividends were paid in cash. (a) Compute the following ratios for 2017 and 2018. (Round Earnings per she