part (d) and (j)

Problem 18-2A Your answer is partially correct. Try again. The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income $1,816,900 1,012,500 804,400 517,400 287,000 $1,754,300 990,000 764,300 478,800 285,500 17,500 269,500 81,400 $ 188,100 13,000 272,500 77,800 $ 194,700 2016 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $59,700 Short-term investments 68,400 Accounts receivable (net) 116,200 Inventory 123,700 Total current assets 368,000 Plant assets (net) 595,100 Total assets 5963,100 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 Income taxes payable 43,200 Total current liabilities 202,200 Bonds payable 195,300 Total liabilities 397,500 Stockholders' equity $65,000 50,600 101,300 115,500 332,400 522,700 $855,100 $144,400 41,500 185.900 195,300 381,200 180,100 194,700 Ner income 2016 $65,000 50,600 101,300 115,500 332,400 522,700 $855,100 PAINTER TOOL COMPANY Balance Sheets December 31 2017 Assets Current assets Cash $59,700 Short-term investments 68,400 Accounts receivable (net) 116,200 Inventory 123,700 Total current assets 368,000 Plant assets (net) 595,100 Total assets $963,100 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 Income taxes payable 43,200 Total current liabilities 202,200 Bonds payable 195,300 Total liabilities 397,500 Stockholders' equity Common stock (35 par) 284,600 Retained earnings 281,000 Total stockholders' equity 565,600 Total liabilities and stockholders' equity $963,100 $144,400 41,500 185,900 195,300 381,200 304,300 169,600 473,900 $855,100 All sales were on account. Compute the following ratios for 2017. (Weighted average common shares in 2017 were 58,700.) (Round 6.8% ) (a) Earnings per share I 3.2 (b) Return on common stockholders' equity T 36.2% (c) Return on assets 20.71% (d) Current ratio 1.8:1 (e) Acid-test ratio (f) Accounts receivable turnover 2 T 1.21 157 times SAW S Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total abilities and stockholders' equity csults by Study 304,300 169,600 473,900 $855,100 284,600 281,000 565,600 $963,100 All sales were on account. Compute the following ratios for 2017. (Weighted average common shares in 2017 were 58,700.) (Round 6,896.) (a) Earnings per share T (1) Return on common stockholders' equity (c) Return on assets (d) Current ratio (e) Acid-test ratio times (1) 16. Accounts receivable turnover (a) Inventory turnover times (h) Times interest earned times () Asset turnover times G) Debt to assets ratio Click if you would like to show Work for this question: Open Show Work LINK TO TEXT