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Exercise 18-1 Financial information for Kurzen Inc. is presented below. December 31, 2017 $122,400 December 31, 2016 $101,800 Plant assets (net) Current liabilities 395,000 89,600 335,000 70,400 Long-term liabilities Common stock, $1 par 128,900 166,000 87,000 110,500 Retained earnings 132,900 168,900 Current assets Prepare a schedule showing a horizontal analysis for 2017 using 2016 as the base year. (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) KURZEN INC. Condensed Balance Sheets December 31 Increase or (Decrease) 2017 2016 Amount Percentage Assets $ Current assets $122,400 $101,800 % Plant assets (net) 395,000 335,000 % $ Total assets $517,400 $436,800 % Liabilities $ Current liabilities $89,600 $70,400 % Long-term liabilities 128,900 87,000 % Total liabilities 218,500 157,400 % Stockholders' Equity Common stock, $1 par 166,000 110,500 % Retained earnings 132,900 168,900 298,900 279,400 % Total stockholders' equity % $ Total liabilities and stockholders' equity $517,400 $436,800 % Exercise 18-2 Operating data for Navarro Corporation are presented below. 2017 Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2016 $750,500 465,000 $597,000 389,000 120,000 61,000 72,500 49,000 29,500 75,000 21,500 65,000 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round answers to 1 decimal place, e.g. 48.5%.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2017 Amount Net sales 2016 Percent Amount $750,50 0 $597,00 0 % Cost of goods sold 465,000 % 389,000 % Gross profit 285,500 % 208,000 % Selling expenses 120,000 % 72,500 % Administrative expenses 61,000 % 49,000 % Total operating expenses 181,000 % 121,500 % Income before income taxes Percent 104,500 % 86,500 % % Income taxes expense 29,500 21,500 % Net income $75,000 % $65,000 % % Problem 18-1A Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2017, and December 31, 2016. Farris Company Net sales 2017 $1,580,000 Ratzlaff Company 2016 2017 $339,900 Cost of goods sold Operating expenses 1,020,000 300,900 241,400 79,600 Interest expense Income tax expense 8,500 54,300 2,800 6,000 2016 Current assets Plant assets (net) 322,500 520,800 $310,000 500,300 83,500 139,800 $78,000 123,000 Current liabilities Long-term liabilities 64,200 108,400 75,600 90,400 34,400 28,400 29,600 26,000 Common stock, $10 par Retained earnings 498,000 172,700 498,000 146,300 122,500 38,000 122,500 22,900 Prepare a vertical analysis of the 2017 income statement data for Farris Company and Ratzlaff Company in columnar form. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Farris Company Dollars Ratzlaff Company Percent Dollars $ Percent $ % % % % % % % % % % % % % % % % $ $ % % LINK TO TEXT LINK TO TEXT Compute the return on assets and the return on common stockholders' equity ratios for both companies. (Round answers to 1 decimal place, e.g. 12.1%.) Farris Company Ratzlaff Company Return on assets % % Return on common stockholders' equity % % Problem 18-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 Net sales Cost of goods sold 2017 $1,817,500 2016 $1,753,100 1,008,600 978,000 Gross profit 808,900 775,100 Selling and administrative expenses 519,200 480,800 Income from operations 289,700 294,300 Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 18,900 14,100 270,800 80,600 280,200 78,000 $ 190,200 $ 202,200 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Cash Short-term investments $60,300 68,300 $64,500 50,500 Accounts receivable (net) Inventory 116,100 122,700 101,000 115,200 367,400 331,200 Current assets Total current assets Plant assets (net) Total assets 603,300 521,600 $970,700 $852,800 $161,000 $145,900 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 43,100 41,900 204,100 187,800 196,800 196,800 400,900 384,600 276,200 297,400 293,600 170,800 569,800 468,200 $970,700 $852,800 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 54,800.) (Round Earnings per share, Current ratio and Acid-test ratio to 2 decimal places, e.g. 1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) $ (a) Earnings per share (b) Return on common stockholders' equity % (c) Return on assets % (d) Current ratio :1 (e) Acid-test ratio :1 (f) Accounts receivable turnover times (g) Inventory turnover times (h) Times interest earned times (i) Asset turnover times (j) Debt to assets ratio %