Common Size Statements 1. Common Size Statements (vertical) Refer to the AAA Inc. comparative balance sheets and income statements below. For all three years (2021, 2020, 2019) restate the balance sheet and income statement in common size (vertical) form. all assets as a percentage of total assets all liabilities and equities as a percentage of total liabilities and equity all items on the income statement as a percentage of sales AAA Incorporated Comparative Balance Sheet Income Statement Assets 2021 2020 2019 cash 14000 7282 9000 sales S-t investments 71632 20000 48600 cost of goods sold accts receivable 878000 632160 351200 other expenses inventories 1716480 1287360 715200 depreciation expense total current assets 2680112 1946802 1124000 EBIT gross fixed assets 1197160 1202950 491000 interest expense accumulated depreciation 380120 263160 146200 EBT net fixed assets 817040 939790 344800 taxes (40%) total assets 3497152 2886592 1468800 NI Liabilities and Equity accounts payable 236800 324000 145600 cash dividends paid notes payable 600000 720000 200000 accruals 203360 284960 136000 total current liab 1040160 1328960 481600 long-term debt 500000 1000000 323432 common stock 150000 60000 60000 paid-in capital 1510776 400000 400000 retained earnings 296216 97632 203768 total common equity 1956992 557632 663768 total liabilities & equity 3497152 2886592 1468800 2021 2020 2019 7035600 5834400 3432000 5728000 4980000 2864000 680000 720000 340000 116960 116960 18900 510640 17440 209100 88000 176000 62500 422640 -158560 146600 169056 -63424 58640 253584 -95136 87960 55000 11000 22000