7 1 points eBook CANNA, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2019 2018 Sales 1,635,750 1,500,950 Less: Sales returns and allowances 96,750 82,950 Net sales 1,539,000 1,418,000 Cost of goods sold 1,066,300 992,600 Gross profit on sales 472,700 425,400 Selling expenses 215,000 205,000 General expenses 210,000 190,000 Total expenses 425,000 395,000 Net income before income taxes 47,700 30,400 Income tax expense 7,155 4,560 Net income after income taxes 40,545 25,840 Hint Print References CANNA, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets Cash Accounts receivable (Net) Inventory 124,540 135,750 55,705 112,250 107,000 60,800 comparative Balance Sheet December 31, 2019 and 2018 2019 2018 124,540 135,750 55,705 315,995 112,250 107,000 60,800 280,050 ook lint 157,600 65,950 56,000 279,550 595,545 175, 100 63,850 56,000 294,950 575,000 int ences Assets Current Assets Cash Accounts receivable (Net) Inventory Total current assets Property, plant, and Equipment Buildings (Net) Equipment (Net) Land Total property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current Liabilities Accounts payable Other current liabilities Total current liabilities Long-term Liabilities Bonds payable Total long-term liabilities Total liabilities Stockholders' Equity Common stock ($1 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 155,000 40,000 195,000 160,000 45,000 I 205,000 65,000 65,000 260,000 75,000 75,000 280,000 200,000 135,545 335,545 595,545 200,000 95,000 295,000 575,000 Calculate the price-earnings ratio for 2019 and 2018. The common stock selling price at year-end 2019 $1.60. (Round your answers to 2 decimal places.) OK nt Price Earnings Ratio + Choose Denominator nt Choose Numerator ences Price earnings ratio 2019 2018