Income Statement Canfield, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 468,000 $ 428,000 240,000 215,000 Cost of Goods Sold Gross Profit 228,000 136,000 213,000 134,000 Operating Expenses Income From Operations 92,000 79,000 13.000 10.000 Income Statement Net Sales Revenue $ 468,000 $ 428,000 240,000 215,000 Cost of Goods Sold Gross Profit 228,000 136,000 213,000 134,000 Operating Expenses Income From Operations 92,000 10,000 79,000 13,000 Interest Expense Income Before Income Tax 82,000 17,000 66,000 27,000 Income Tax Expense Net Income $ 65,000 $ 39,000 Print Done Balance Sheet Canfield, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 2016 Assets Current Assets: Cash $ 98,000 $ 97,000 Accounts Receivables, Net 111,000 114,000 $ 105,000 Merchandise Inventory 148,000 158,000 209.000 te Prenaid Expenses 16,000 9.000 m Print Done Balance Sheet 16,000 9,000 Prepaid Expenses Total Current Assets 373,000 213,000 378,000 179,000 Property, Plant, and Equipment, Net $ 586,000 $ 557,000 Total Assets $595.000 Liabilities Total Current Liabilities $ 223,000 $ 243,000 96,000 119,000 Long-term Liabilities Total Liabilities 342,000 339,000 Print Done Total Current Liabilities 223,000 $ 119,000 243,000 96,000 Long-term Liabilities Total Liabilities 342,000 339,000 Stockholders' Equity Preferred Stock, 4% 102,000 102,000 142.000 116.000 Common Stockholders' Equity, no par 90,000 $ 586,000 $ 557,000 Total Liabilities and Stockholders' Equity * Selected 2016 amounts Print Done Additional Financial Information 1. Market price of Canfield's common stock: $81.18 at December 31, 2018, and $45.73 at December 31, 2017 2. Common shares outstanding: 14,000 on December 31, 2018 and 13,000 on December 31, 2017 and 2016 3. All sales are on credit. Print Done Cromote Requirements ve financial statem he icon to view th ws the icon to view th electing the formul cio = Total curd 1. Compute the following ratios for 2018 and 2017: a. Current ratio b. Cash ratio c. Times-interest-earned ratio d. Inventory turnover e. Gross profit percentage f. Debt to equity ratio g. Rate of return on common stockholders' equity h. Earnings per share of common stock i. Pricelearnings ratio 2. Decide (a) whether Canfield's ability to pay debts and to sell inventory improved or deteriorated during 2018 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased. bute the current ra Current ratio 1.67 1.56 ent 1b. Compute | electing the formu Print Done