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Question 1 Prepare a horizontal analysis of the following comparative income statement for Westwind Corporation. Round percentage changes to the nearest one-tenth percent. Westwind Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 Total revenue 2015 $1,400,000 $1,250,000 Cost of goods sold 925,000 $830,000 Operating expenses 313,000 280,000 Interest expense 14,000 12,000 Income tax expense 48,300 38,000 $1,300,300 $1,160,000 $99,700 $90,000 Expenses: Total expenses Net Income Question 2 Compute trend percentages for Flash Corporation total revenue and net income for the following five-year period, using year 0 as the base year. Round to the nearest full percent. (in thousands) Total revenue Net income Year 4 Year 3 Year 2 Year 1 Year 0 $1,418 $1,287 $1,106 $1,009 $1,043 125 104 93 81 85 Question 3 Use the following data to prepare a common-size comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to one-tenth percent. 2016 Net sales Expenses: $1,400,000 2015 $1,200,000 Cost of goods sold $900,000 $780,000 250,000 220,000 Interest expense 55,000 52,000 Income tax expense 64,000 48,000 $1,269,000 $1,100,000 $131,000 $100,000 Selling and general expenses Total expenses Net income Question 4 Comparative financial statement data of Lannister Inc. are as follows: Lannister Inc. Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 Net sales 2015 $687,000 $595,000 Cost of goods sold 375,000 276,000 Gross profit 312,000 319,000 Operating expenses 129,000 142,000 Income from operations 183,000 177,000 37,000 45,000 146,000 132,000 36,000 51,000 $110,000 $81,000 Interest expense Income before income tax Income tax expense Net income Lannister Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 2014 Current assets: Cash $45,000 $49,000 Current receivables, net 212,000 158,000 $200,000 Inventories 297,000 281,000 181,000 4,000 29,000 558,000 517,000 285,000 277,000 $843,000 $794,000 $700,000 Accounts payable 150,000 105,000 112,000 Other current liabilities 135,000 188,000 Total current liabilities $285,000 $293,000 Long-term liabilities 243,000 231,000 Total liabilities 528,000 524,000 Common shareholders' equity, no par 315,000 270,000 $843,000 $794,000 Prepaid expenses Total current assets Property, plant and equipment, net Total assets Total liabilities and shareholders' equity 199,000 Other information: 1. Market price of Lannister common stock: $102.17 at December 31, 2016; and $77.01 at December 31, 2015. 2. Common shares outstanding: 18,000 during 2016 and 17,500 during 2015. 3. All sales on credit. 1. Compute the following ratios for 2016 and 2015 o Current ratio o Quick ratio (acid test) o Receivables turnover and days' sales outstanding (rounded to the nearest whole day) o Inventory turnover and days inventory outstanding (rounded to the nearest whole day) o Accounts payable turnover and days' payable outstanding (rounded to the nearest whole day). o Cash conversion cycle (in days) o Times-interest-earned ratio Return on assets (use DuPont analysis) Return on common shareholders' equity (use DuPont analysis) o Earnings per share of common stock o Price/earnings ratio. 2. Decide whether (a) Lannister's financial position improved or deteriorated during 2016 and (b) the investment attractiveness of Lannister's common stock appears to have increased or decreased. o o