Compute ratios from balance sheets and income statements. P13-2A The comparative statements of Wahlberg Company are presented here. WAHLBERG COMPANY Income Statements For the Years Ended December 31 (LO 3), AP 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,890,540 1,058,540 832,000 500,000 332,000 $1,750,500 1,006,000 744,500 479,000 265,500 Interest expense Income before income taxes Income tax expense Net income 22,000 310,000 92,000 $ 218,000 20,000 245,500 73,000 $ 172,500 WAHLBERG COMPANY Balance Sheets December 31 2017 2016 Assets Current assets Cash Debt investments (short-term) Accounts receivable Inventory $ 60,100 74,000 117,800 126,000 377,900 649,000 $1,026,900 $ 64,200 50,000 102,800 115,500 332,500 520,300 $852,800 Total current assets Plant assets (net) Total assets Compute ratios from balance sheets and income statements. P13-2A The comparative statements of Wahlberg Company are presented here. WAHLBERG COMPANY Income Statements For the Years Ended December 31 (LO 3), AP 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,890,540 1,058,540 832,000 500,000 332,000 $1,750,500 1,006,000 744,500 479,000 265,500 Interest expense Income before income taxes Income tax expense Net income 22,000 310,000 92,000 $ 218,000 20,000 245,500 73,000 $ 172,500 WAHLBERG COMPANY Balance Sheets December 31 2017 2016 Assets Current assets Cash Debt investments (short-term) Accounts receivable Inventory $ 60,100 74,000 117,800 126,000 377,900 649,000 $1,026,900 $ 64,200 50,000 102,800 115,500 332,500 520,300 $852,800 Total current assets Plant assets (net) Total assets