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Income statements for Solomon Company for 2018 and 2019 follow: SOLOMON COMPANY Income Statements 2019 2018 Sales $200 , 200 $180, 200 Cost of goods sold 143, 400 121, 400 Selling expenses 21, 800 19 ,800 Administrative expenses 12 , 600 14, 600 Interest expense 3,500 5,500 Total expenses $181, 300 $161, 300 Income before taxes 18,900 18,900 Income taxes expense 5,400 3,500 Net income $ 13, 500 $ 15 , 400 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.Complete this question by entering your answers in the tabs below. Required A Required B Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. ( Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) SOLOMON COMPANY Horizontal Analysis of Income Statements Percentage Change over 2018 Sales % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income (loss) %Complete this question by entering your answers in the tabs below. Required A Required B Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) SOLOMON COMPANY Vertical Analysis of Income Statements Percentage of Percentage of Sales 2019 Sales 2018 Sales % % Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income %Selected data from Franklin Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable $395,000 $377,000 Allowance for doubtful accounts (19, 750) (15, 080) Net accounts receivable $375 , 250 $361, 920 Inventories, lower of cost or market $481, 500 $434, 000 Income Statement For the Years Ended December 31 2018 2017 Net credit sales $2, 016, 000 $1, 753,000 Net cash sales 419,000 313,000 Net sales 2,435,000 2,066,000 Cost of goods sold 1, 602,000 1, 432,000 Selling, general, and administrative expenses 239,000 214,900 Other expenses 39, 200 23, 100 Total operating expenses $1, 880, 200 $1, 670, 000Income Statement For the Years Ended December 31 2018 2017 Net credit sales $2 , 016, 000 $1, 753,000 Net cash sales 419,000 313, 000 Net sales 2, 435,000 2,066,000 Cost of goods sold 1, 602,000 1, 432,000 Selling, general, and administrative expenses 239,000 214,900 Other expenses 39, 200 23, 100 Total operating expenses $1, 880, 200 $1, 670,000 Required a. Compute the accounts receivable turnover for 2018. b. Compute the inventory turnover for 2018. c. Compute the net margin for 2017. (For all requirements, round your answers to 2 decimal places.) a. Accounts receivable turnover times b. Inventory turnover times C. Net margin
