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b. Perform vertical analysis of the income statement and balance sheet data for 2017 and 2018. Use sales revenue as the base figure for the income statement. Use total assets as the base figure for the balance sheet. D E 1 2017 Amount % of Total Rosson Company 2 Vertical Analysis of Income Statements 3 2018 -4 Amount % of Total 5 Revenues: 6 Net Sales 7 Other Revenues Total Revenues - Expenses: o Cost of Goods Sold S.G&A Expenses 2 Interest Expense 3 Income Tax Expense Total Expenses $ Income Before Discontinued 6 Operations 7 Discontinued Operations Gain (net of 8 tax) Net Income 0 Vertical Analysis of Balance Sheets 2018 Amount % of Total 2017 Amount % of Total 5 Assets - Cash Marketable Securities Accounts Receivable e Inventories Prepaid Expenses 1 Total Current Assets 2 Plant and Equipment (net) 3 Intangibles 4 Total Assets s Liabilities 6 Accounts Payable 7 Other Accrued Liabilities B Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity Common Stock ($5 par) 3 Paid-in Cap. in Excess of Par Retained Earnings Total Stockholders' Equity Total Liabilities and Stk. Equity The Information below comes from the financial statements of Rosson Company Rosson Company Income Statement Years ended 2017 and 2018 2018 2017 Revenues Net Sales $299,000 $246,000 Other Revenues 8,000 9,000 Total Revenues... 307.000 255,000 172,000 138,000 Expenses: Cost of Goods Sold 5,G&A Expenses Interest Expense. Income Tax Expense 44,000 40,000 4,000 4,500 31,000 25,400 Total Expenses. 251,000 207,900 Income Before Discontinued Operations 56,000 47,100 Discontinued Operations Gain (net of tax) 9,000 Net Income $ 65,000 $ 47,100 Rosson Company Balance sheet Years ended 2017 and 2018 Assets Current Assets Cash Marketable Securities Accounts Receivable $ 7,500 $ 12,500 1,000 1.500 50,000 47,500 Inventories 150,000 145,000 Prepaid Expenses 5,000 2,500 Total Current Assets 213,500 209,000 147,000 157,000 Plant and Equipment (net) Intangibles 30,500 0 Total Assets $391,000 $366,000 Total Assets.... $391,000 $366,000 Liabilities and Stockholders' Equity Liabilities: Current Liabilities: Accounts Payable..... $ 58,000 $ 79,500 Other Accrued Liabilities............. 25,000 22,500 Total Current Liabilities ......... 83,000 102,000 Bonds Payable..... 90,000 100,000 Total Liabilities 173,000 202,000 130,000 130,000 20,000 20,000 Stockholders' Equity: Common Stock ($5 par).......... Paid In Capital in Excess of Par....... of Par Retained Earnings... Total Stockholders' Equity Total Liabilities and Stockholders' 68,000 14,000 218,000 164,000 Equity $391,000 $366,000 Common stock market price at year-end $14.00 $8.55 **Dividend payments amounted to $11,000 in 2018 and $5,000 in 2017