Question
Here are comparative statement data for Cullumber Company and Oriole Company, two competitors. All balance sheet data are as of December 31, 2017, and December
Here are comparative statement data for Cullumber Company and Oriole Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Cullumber Company Oriole Company 2017 2016 2017 2016 Net sales $1,856,000 $596,000 Cost of goods sold 1,079,000 298,000 Operating expenses 263,000 83,000 Interest expense 7,000 2,800 Income tax expense 75,000 34,000 Current assets 590,015 $565,462 150,838 $ 143,835 Plant assets (net) 953,508 905,000 252,908 227,720 Current liabilities 120,048 137,225 63,980 54,809 Long-term liabilities 206,322 162,900 53,612 45,250 Common stock, $10 par 905,000 905,000 217,200 217,200 Retained earnings 312,153 265,337 68,954 54,296 (a) Prepare a vertical analysis of the 2017 income statement data for Cullumber Company and Oriole Company. (Round all ratios to 1 decimal place, e.g. 2.5%.)
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