1. Complete common -size statements (balance sheets) using the data from the Integrative Problem below You will be required to create a spreadsheet in MS Excel to display the statements (balance sheets).
2. In a 1 to 2 page document, compare and contrast the information for the two years (2014 & 2015) in light of the metrics produced in the common - size statements.

\begin{tabular}{|c|c|c|} \hline Balance Sheets & 2015 & 2014 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $52,000 & $57,600 \\ \hline Accounts receivable & 402,000 & 351,200 \\ \hline Inventories & 836,000 & 715,200 \\ \hline Total current assets & $1,290,000 & $1,124,000 \\ \hline Gross fixed assets & 527,000 & 491,000 \\ \hline Less: Accumulated depreciation & (166,200) & (146,200) \\ \hline Net fixed assets & $360,800 & $344,800 \\ \hline Total assets & $1,650,800 & $1,468,800 \\ \hline \multicolumn{3}{|l|}{ Liabilities and Equity } \\ \hline Accounts payable & $175,200 & $145,600 \\ \hline Notes payable & 225,000 & 200,000 \\ \hline Accruals & 140,000 & 136,000 \\ \hline Total current liabilities & $540,200 & $481,600 \\ \hline Long-term debt & 424,612 & 323,432 \\ \hline Common stock ( 100,000 shares ) & 460,000 & 460,000 \\ \hline Retained earnings & 225,988 & 203,768 \\ \hline Total equity & $685,988 & $663,768 \\ \hline Total liabilities and equity & $1,650,800 & $1,468,800 \\ \hline Income Statements & 2015 & 2014 \\ \hline Sales & $3,850,000 & $3,432,000 \\ \hline Cost of goods sold & (3,250,000) & (2,864,000) \\ \hline Other expenses & (430,300) & (340,000) \\ \hline Depreciation & 20,000) & (18,900) \\ \hline Total operating costs & $3,700,300 & $3,222,900 \\ \hline EBIT & $149,700 & $209,100 \\ \hline Interest expense & (76,000) & (62,500) \\ \hline EBT & $73,700 & $146,600 \\ \hline Taxes (40%) & (29,480) & (58,640) \\ \hline Net income & $44,220 & $87,960 \\ \hline EPS & 0.442 & $0.880 \\ \hline \end{tabular}