Comparative financial statement data of Tanfield, Inc. follow: (Click the icon to view the income statement.) 3: (Click the icon to view the balance sheet.) (Click the icon to view the additional financial information.) Read the requirements. 1 Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue Cost of Goods Sold Gross Profit $ 458,000 $ 424,000 242,000 218,000 216,000 133.000 206,000 131,000 Operating Expenses Income From Operations 83,000 9,000 75,000 10,000 Interest Expense Income Before Income Tax Income Tax Expense 74,000 17,000 57,000 $ 65,000 24,000 41,000 $ Net Income Print Done Tanfield, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 2016* Assets Current Assets Cash $ Accounts Receivables, Net Merchandise Inventory Prepaid Expenses Total Current Assets 97,000 $ 108,000 147,000 12,000 95,000 120,000 $ 106,000 161,000 206,000 6,000 364,000 382,000 Property, Plant, and Equipment, Net 212,000 576,000 $ 172,000 554,000 $ $595,000 Total Assets Liabilities Total Current Liabilities 225,000 $ 117,000 243,000 96,000 Long-term Liabilities Total Liabilities 342,000 339,000 Stockholders' Equity Preferred Stock, 5% Common Stockholders' Equity, no par 102,000 132,000 102,000 113,000 91,000 $ 576,000 $ 554.000 Total liabilities and Stockholders' Fouit A Additional Financial Information 1. Market price of Tanfield's common stock: $55.65 at December 31, 2018, and $35.88 at December 31, 2017 2. Common shares outstanding: 15,000 on December 31, 2018 and 13,000 on December 31, 2017 and 2016. 3. All sales are on credit Print Done * Requirements 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. Price/earnings ratio 2. Decide (a) whether Tanfield'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. Print Done