Ldse QuesLIVII 12-22 Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow. Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2016 2015 Sales revenue $576,600 $523,000 Cost of goods sold 291,000 259,200 Gross margin 285,600 263,800 Operating expenses 106,200 104,600 Operating income 179,400 159,200 Other revenue 22,500 15,900 Interest expense 11,200 10,500 Income before income tax 190,700 164,600 Income tax expense (40%) 76,280 65,840 Net income $114,420 $98,760 2014 $484,200 234,300 249,900 104,100 145,800 23,900 11,900 157,800 63,120 $94,680 2015 $25,800 127,000 80,700 10,000 243,500 576,000 $819,500 2014 $20,500 94,300 56,000 4,600 175,400 540,300 $715,700 Pippin Piping Co. Comparative Balance Sheets As of December 31 Assets 2016 Cash $32,000 Accounts receivable (net) 126,860 Inventory 60,000 Prepaid expenses 11,000 Total current assets 229,860 Property & equipment (net) 668,900 Total Assets $898,760 Liabilities and Stockholders' Equity Accounts payable $53,120 Accrued expenses 11,000 Total current liabilities 64,120 Long-term debt 170,000 Total liabilities 234,120 Stockholders' Equity Common stock, $0.50 par value 6,000 Additional paid-in capital 99,000 Retained earnings 559,640 Total stockholders' equity 664,640 Total Liabilities and Stockholders' Equity $898,760 $81,200 12,240 93,440 160,000 253,440 $79,100 41,700 120,800 150,000 270,800 6,000 99,000 461,060 566,060 $819,500 5,000 62,000 377,900 444.900 $715,700 Additional information Closing stock price Shares outstanding Dividends paid per share 2016 $38 12,000 $1.32 2015 $35 12,000 $1.30 2014 $30 10,000 $1.25 Income Statement 2016 2015 $ change % change Sales revenue 576600 523000 53600| 10.216, - Cost of goods sold T _29100g T . 259200] Gross profit 285600 263800 | 21800] Operating expenses | | 106200|| | 104600] 1600) ly [operating income | | 179400| 159200) 20200 12 Other revenue 22500 15900 6600| |Interest expense '] | 11200] 10500] | Income before taxes | | 190700] T 164600 26100]. L L Income tax expense 76280] | 65840| | 10440). 15.9 TNet income 114420 98750 15650 15660 5.hejc Assets 2016 2015 $ change % change Cash 3200 | 24.0 Accounts receivable, net 126860 127000|| (140) L -0.1) [Inventory | 60000]. 80700|| (20700) | -2 Prepaid expenses 11000] T 10000] 1000 | 10), Total current assets 22986 -5.60 2_ Property & equipment (net) 668900 576000 92900) | 16.11, Total assets 898760 819500 79260) Liabilities & Stockholders' Equity Accounts payable 53120) 81200 (28080) | -34.6 Accrued expenses 11000 12240) (1240) | -10.1 Total current liabilities 64120 93440) q320) Long-term debt 170000 160000] 10000 Total liabilities 23412 2534 (19320) Stockholders' Equity Common stock 6000 6000 Additional paid-in capital _99000 99000] 0.0\ce T Retained earnings 559640| T 461060|| 98580) | 21.4 Total stockholders' equity 664540 566060| 98580 Total liabilities & stockholders' equity 898765 81950 792693 Prepare common-size financial statements for the three years. (Round percentage answers to 1 decimal places, e.g. 52.7. List A not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the Income Statement 2016 2015 2014 Assets 2016 2015 2014 Liabilities & Stockholders' Equity Stockholders' Equity