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Problem 14-16 (Algo) Common-Size Financial Statements [LO14-1] You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's financial statements, including comparing Lydex's performance to its major competitors. The company's financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash Bee'878 $ $ 1, 250, bee Marketable securities Accounts receivable, net 1,408, e Inventory 3, 500, BOB 2, Dee, Be Prepaid expenses 240, Bee Total current assets 6, 860, 080 5, 138, 808 Plant and equipment, net 9 , 320 , Bee 8,950, Bee Total assets $ 16, 180, 809 $ 14, 080, 808 Liabilities and Stockholders Equity Liabilities: Current liabilities $ 3, 910, 080 $ 2, 780,Bee Note payable, 10% 3,600, Bee 3, Bee, Bee Total liabilities 7, 510, 808 5, 780, 808 Stockholders' equity: Common stock, $75 par value 7, see, Bee 7. see , Bee Retained earnings 1, 170, Bee 800, eee Total stockholders equity 8, 670, Bee 8, 306, 808 Total liabilities and stockholders' equity $ 16, 180, Bee $ 14, ese,eee Lydex Company Comparative Income Statement and Reconciliation This Year Last Year sales (all on account) 15, 760,808 $ 12, 580, Bee Cost of goods sold 12, 608, Bee 9. 435, 808 Gross margin 3, 152, Bee 3, 145, eee selling and administrative expenses 1, 863, 429 1, 564, 808 Net operating income 1, 288,571 1. 581, eve Interest expense Net income before taxes 928, 571 Bea' taz't Income taxes (30*) 278, 571 384, 308 Net income 896,708 Common dividends 448,358 Net income retained 370, 208 448,350 Beginning retained earnings 351,658 Ending retained earnings $ 1, 170, Dee see, Bee To begin your assignment you gather the following financial date and ratios that are typical of companies in Lydex Company's industry: Current ratio 2-3 Acid-test ratio 1.2 Average collection period 30 days Average sale period 60 day's Return on assets 8. 2% Debt to equity ratio 3.66 Times interest earned ratio 5.8 Price carnings ratio Required: 1. Present the balance sheet in common-size format. 2. Present the income statement in common-size format down through net income Complete this question by entering your answers in the tabs below. Required 1 Required 2 Present the balance sheet in common-size format. (Round your answers to 1 decimal place. Due to rounding, figures may not fully reconcile down a column.)