Question
Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2017, and December
Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2017, and December 31, 2016. Farris Company Ratzlaff Company 2017 2016 2017 2016 Net sales $1,525,000 $339,400 Cost of goods sold 1,100,000 240,700 Operating expenses 302,300 78,000 Interest expense 8,000 3,000 Income tax expense 55,000 6,000 Current assets 323,000 $312,700 83,200 $79,200 Plant assets (net) 519,300 500,600 139,200 124,200 Current liabilities 65,200 75,200 36,800 28,600 Long-term liabilities 108,000 90,000 29,800 26,000 Common stock, $10 par 500,000 500,000 117,000 117,000 Retained earnings 169,100 148,100 38,800 31,800 Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare a vertical analysis of the 2017 income statement data for Farris Company and Ratzlaff Company in columnar form. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Entry field with correct answer Farris Company Ratzlaff Company Dollars Percent Dollars Percent Entry field with correct answer $Entry field with correct answer $1,525,000 Entry field with correct answer 100 % $Entry field with correct answer $339,400 Entry field with correct answer 100 % Entry field with correct answer Entry field with correct answer $1,100,000 Entry field with correct answer 72.1 % Entry field with correct answer $240,700 Entry field with correct answer 71 % Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer % Entry field with incorrect answer Entry field with correct answer 29 % Entry field with correct answer Entry field with correct answer $302,300 Entry field with correct answer 19.8 % Entry field with correct answer $78,000 Entry field with correct answer 23 % Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer % Entry field with incorrect answer Entry field with correct answer 6 % Entry field with correct answer Entry field with correct answer Entry field with correct answer $8,000 Entry field with correct answer 0.6 % Entry field with correct answer $3,000 Entry field with correct answer 0.8 % Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer % Entry field with incorrect answer Entry field with correct answer 5.2 % Entry field with correct answer Entry field with correct answer $55,000 Entry field with correct answer 3.5 % Entry field with correct answer $6,000 Entry field with correct answer 1.8 % Entry field with correct answer $Entry field with incorrect answer Entry field with incorrect answer % $Entry field with incorrect answer Entry field with incorrect answer %
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