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The Goo Income Statement Canfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 468,000 $ 428,000 240,000 215,000 Cost of Goods Sold Gross Profit 228,000 136,000 213,000 134,000 Operating Expenses Income From Operations 92,000 79,000 10 000 13 000 Print Done Income Statement Net Sales Revenue 468,000 $ 428,000 240,000 215,000 Cost of Goods Sold 228,000 Gross Profit 213,000 134,000 136,000 Operating Expenses Income Fromfoperations 92,000 10,000 79,000 13,000 Interest Expense Income Before Income Tax 82,000 17,000 66,000 27,000 Income Tax Expense 65,000 $ 39,000 Net Income Done Print - Balance Sheet Canfield, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 2016* Assets Current Assets: Cash $ 98,000 S 97,000 Accounts Receivables, Net 111,000 114,000 $ 105,000 Merchandise Inventory 158,000 209,000 148,000 16,000 9,000 Prepaid Eynenses Print Done - Balance Sheet cel 16,000 9,000 Prepaid Expenses Total Current Assets 373,000 213,000 378,000 179,000 m Property, Plant, and Equipment, Net $ 586,000 $ 557,000 $595.000 Total Assets or Liabilities $ 243.000 Total Current Liabilities 223,000 $ 119,000 id 96,000 5 Long-term Liabilities 342,000 339,000 . 1 Total Liabilities ite m Print Done Balance Sheet LICU ULICS Total Current Liabilities $ 223,000 $ 243.000 119,000 Long-term Liabilities 96,000 Total Liabilities 342.000 339,000 Stockholders' Equity Preferred Stock, 4% 102,000 102,000 116,000 142,000 Common Stockholders' Equity, no par 90.000 $ 586,000 $ 557,000 Total Liabilities and Stockholders' Equity * Selected 2016 amounts Print Done Additional Financial Information 1. Market price of Canfield's common stock: $81.18 at December 31, 2018, and $45.73 at December 31, 2017 2. Common shares outstanding: 14,000 on December 31, 2018 and 13,000 on December 31, 2017 and 2016. 3. All sales are on credit. Print Done Requirements h 1. Compute the following ratios for 2018 and 2017: a. Current ratio b. Cash ratio C. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock i. Pricelearnings ratio 2. Decide (a) whether Canfield's ability to pay debts and to sell inventory improved or deteriorated during 2018 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased. Part 9 o 20 Points: 2.07 of 6 Comparative financial statement data of Canfield, Inc. follow: E: (Click the icon to view the income statement.) E: (Click the icon to view the balance sheet.) (Click the icon to view the additional financial information.) Read the requirements Requirement 1a. Compute the current ratios for 2018 and 2017. Begin by selecting the formula to compute the current ratio. Current ratio Total current assets - Total current liabilities Now, compute the current ratios for 2018 and 2017. (Round your answers to two decimal places, X.XX.) Current ratio 1.67 2018 2017 1.56 Requirement 1b. Compute the cash ratios for 2018 and 2017. Begin by selecting the formula to compute the cash ratio. (Click the Comparative financial statement data of Canfield, Inc. follow: B (Click the icon to view the income statement.) B (Click the icon to view the balance sheet.) Read the feau Requirement 1b. Compute the cash ratios for 2018 and 2017. Begin by selecting the formula to compute the cash ratio. Cash ratio = (Cash + Cash equivalents) - Total current liabilities Now, compute the cash ratios for 2018 and 2017. (Round your answers to two decimal places, X.X Cash ratio 2018 0.44 2017 0.40 Requirement 1c. Compute the times-interest-earned ratios for 2018 and 2017. Begin by selecting the formula to compute the times-interest-earned ratio. LUI Requirement 1c. Compute the times-interest-earned ratios for 2018 and 2017. Begin by selecting the formula to compute the times-interest-earned ratio. Times-interest-earned ratio = (Net Income + Income tax expense + Interest expense) = Interest expense Now, compute the times-interest-earned ratios for 2018 and 2017. (Round your answers to two decimal places, X- Times-interest-earned ratio 9.20 2018 6.08 2017 Requirement 1d. Compute the inventory turnover ratios for 2018 and 2017. Rorin hy colecting the formula to compute the inventon turnover ratin Requirement 1d. Compute the inventory turnover ratios for 2018 and 2017. Begin by selecting the formula to compute the inventory turnover ratio. Inventory turnover ratio Cost of goods sold - Average merchandise inventory Now, compute the inventory turnover ratios for 2018 and 2017. (Round your answers to two decimal Inventory turnover ratio 2018 1.57 2017 1.17 Requirement 1e. Compute the gross profit percentage for 2018 and 2017. Begin by selecting the formula to compute the gross profit percentage. ... Begin by selecting the formula to compute the inventory turnover ratio. Inventory turnover ratio Cost of goods sold - Average merchandise inventory Now, compute the inventory turnover ratios for 2018 and 2017. (Round your answers to two decima Inventory turnover ratio 1.57 2018 2017 1.17 Requirement 1e. Compute the gross profit percentage for 2018 and 2017. Begin by selecting the formula to compute the gross profit percentage. Gross profit percentage