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IS Haben Sie den Announcements Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burn Question 21 Condensed statement of financial position and income statement data for Lark Corporation are presented here. LARK CORPORATION Statement of Financial Position December 31 Assets 2018 2017 Cash $25,000 $20,000 Accounts receivable (net) 70,000 62,000 Other current assets 80,000 73,000 Long-term investments 75,000 60,000 Property, plant, and equipment (net) 510,000 470,000 Total assets $760,000 $685,000 Liabilities and Shareholders' Equity Current liabilities $75,000 $70,000 Non-current liabilities 80,000 90,000 Common shares 330,000 300,000 Retained earnings 275,000 225,000 Total liabilities and shareholders' equity $760,000 $685,000 LARK CORPORATION Income Statement Year Ended December 31 2018 2017 Sales $750,000 $670,000 Cost of goods sold 440,000 400,000 Operating expenses 228,000 211,000 Income before income tax 82,000 59,000 Income tax expense 12,000 9,000 MacBook Pro PLUS Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandit, Kiese, Trenholm, Irvine, and Burnley Help System Anouncements PRINTER VERSION BACK NEXT LARK CORPORATION Income Statement Year Ended December 31 2018 2017 Sales $750,000 $670,000 Cost of goods sold 440,000 400,000 Operating expenses 228,000 211,000 Income before income tax 82,000 59,000 Income tax expense 12,000 9,000 Net income $70,000 $50,000 Additional information Cash provided by operating activities Dividends paid Weighted average number of common shares 2018 2017 $87,000 $60,000 $20,000 $15,000 33,000 30,000 Ratios: Basic earnings per share Working capital Current ratio Debt to total assets ratio 2018 $2.12 $100,000 2.3:1 20.4% 2017 $1.67 $85,000 2.2:1 23.4% Based on the above ratios, discuss briefly the improvement, or lack thereof, in financial position and operating results from 2017 to 2018 of Lark Corporation. WINE 2020/5 MacBook Pro