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J. Kruk Inc. Income Statement For years ended December 31, 2017 and 2018 J. Kruk Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Change 2018 2017 Current assets: Sales (all on credit) Cost of goods sold Gross margin $683,000 $649,000 (363,000) (298,000) 320,000 351,000 Cash Accounts receivable (net) Inventory Prepaid expenses Other current assets $95,850 41,000 46,000 1,800 2,550 187,200 $60100 $35750 34,000 7000 44.000 2000 4,000 2,200 3.900 -1350 146,000 41,200 Depreciation expense Other operating expenses Total operating expenses Operating income 37000 52,000 147000 122000 Total current assets 184,000 174,000 136,000 177000 Long-term Investments 84,000 58,000 26,000 Other income expenses) 310,000 259,000 51,000 (78,600) (52.000) 26,600 231400 207000 24400 502600 Plant assets (4,800) (3,600) Less: accumulated 6,800 4,800 Total plant assets 4.000) 4800) Total assets Interest expense depreciation Gain on sale of investments Loss on sale of plant assets Total other income 411000 91600 2 60o Loss on sale of plant assets Total other income expenses) (4,000 (48 50200 11000 91600 Total assets (15.600) (3,600) Current liabilities: Income before income taxes Income taxes expense Net income 134,000 173,400 (40,200) (52020 $93,800 $121 380 $27400 7,200 Accounts payable $28,000 $600 6.000 1200 12000 8,800 46,000 8.200 Accrued liabilities Income taxes payable Total current liabilities 3,200 37,800 J. Kruk Inc. Statement of Retained Earnings For the year ended December 31, 2018 Long term liabilities: 180,000 62000 Notes Payable Total liabilities 242,000 279800 226,000 53.800 2018 2017 Ret. earnings, Jan. 1 Add: net income Deduct: Dividends Increase in retained earnings Ret. earnings, Dec. 31 $35,000 93,800 121,380 (56,000) (86,380) Additional paid-in capital 30.000 30,000 37800 35,000 Retained earnings $72,800 $35,000 Total stockholders' equity 222.800 Stockholders' equity Common stock, $5 par value $0 120,000 120,000 72800 35,000 37800 185,000 37800 Total liabilities and stockholders' equity $502600 $411000 $91600 Other information Shares of common stock outstanding Earnings per share Dividends per share Market price per share, common stock 24,000 24,000 $3.91 $5.06 $2.33$3.6 $16 $12 Cash Flows Horiz Analysis Horiz Analysis Vertic Analysis Vertic Analysis Ratios from Oper Inc St Bal St Inc St Bal Sheet Requirement Prepare a vertical analysis on the partial income statements for 2017 and 2018. Enter decreases as negative amounts/percents J. Kruk Inc. PARTIAL INCOME STATEMENT (HORIZONTAL ANALYSIS) For the years ended December 31, 2017 and 2018 Increaseldecrease 2018 2017 Amount Percent 649,000 Sales Cost of goods sold Gross margin Cash Flows Horiz Analysis Horiz Analysis Vertic Analvsis Vertic Analysis from Oper Ratios Inc St Bal St Inc Bal Sheet equirement Prepare a vertical analysis on the partial income statements for 2017 and 2018. Enter decreases as negative amounts/percents. J. Kruk Inc PARTIAL INCOME STATEMENT (HORIZONTAL ANALYSIS) For the years ended December 31, 2017 and 2018 Increaseldecrease 2018 2017 Amount Percent S 649,000 Sales Cost of goods sold Gross margin Expenses Depreciation expense Other operating expenses Total operating expenses Operating income 122,000 > Cash Flows from Oper Horiz Analysis Bal St