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You have just been hired as a nancial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's nancial statements, including comparing Lydex's performance to its major competitors. The company's nancial statements for the last two years are as follows: Lvdex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash 55 945,000 $ 1,250,000 Marketable securities 0 300,000 Accounts receivable, net 2,900,000 2,000,000 Inventory 3,850,000 2,000,000 Prepaid expenses 2?0,000 210,000 Total current assets 7,765,000 5,780,000 Plant and equipment, net 9,820,000 0,100,000 Total assets $1?,385,000 $14,880,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,0?0,000 $ 3,080,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,170,000 8,180,000 Stockholders equity: Common stock, $Y0 par value T,000,000 ?,000,000 Retained earnings 2,815,000 1,680,000 Total stockholders' equity 9,515,000 8,580,000 Total liabilities and stockholders' equity $17,385,000 $14,880,000 _ Lydeic Company IGomparative- Income Statement and Reconciliation This Year LastIYear Sales (all on account) $15,010,000 $ 14,080,000 Cost of goods sold 12,728,000 10,560,000 Gross margin 3,182,000 3,520,000 Selling and administrative expenses 1,010,143 1,624,000 Net operating income 2,162,85? 1,806,000 Interest expense 370,000 310,000 Net income before taxes 1,702,85? 1,586,000 Income taxes (30%} 53?,857 475,800 Net income 1,255,000 1,110,200 Common dividends 320,000 555,100 Net income retained 935,000 555,100 Beginning retained earnings 1,680,000 1,124,900 Ending retained earnings 8' 2,615,000 $ 1,680,000 To begin your assigment you gather the following nancial data and ratios that are typical of companies in Lydex Company's industry: Current ratio 2.3 Acidtest ratio 1.2 Average collection period 32 days Average sale period 66 days Return on assets 9.8 % Debt-to-equity ratio 0.66 Times interest earned ratio 5.8 Priceearnings ratio 18 Required: 1. Present the balance sheet in commonsize format. [Round your percentage answers to 1 decimal place i.e., 0.123 is considered as 12.3. Due to rounding, gures may not fully reconcile down a column} Assets Current assets: Cash Marketable securities Accounts receivable, net - Prepaid expenses - Total current assets Plant and equipment. net - Total assets [5.0 % Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% Total liabilities Stockholders' equity: Common stock, $i'0 par value Retained earnings Total stockholders\" equity Total liabilities and equity 2. Present the income statement in commonsize format down through net income. [Round your percentage answers to 1 decimal place i.e., 0.123 is considered as 12.3. Due to rounding, gures may not fully reconcile down a column.) Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income -'I interest expense -'I Net income before taxes _'I income taxes (30%) _t- Net income _ %