Problem 13-1A (Part Level Submission) Here are comparative statement data for Crane Company and Sheridan Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Crane Company Sheridan Company 2017 2016 2017 2016 Net sales $1,882,000 $610,000 Cost of goods sold 1,062,000 297,000 Operating expenses 255,000 83,000 Interest expense 7,100 3,400 Income tax expense 69,000 34,000 Current assets Plant assets (net) Current liabilities Long-term liabilities 537,859 $515,477 869,220 825,000 109,436 125,095 188,084 148,500 137,504 230,551 58,324 48,873 $ 131,121 207,590 49,964 41,250 825,000 825,000 198,000 Common stock, $10 par Retained earnings 198,000 62,858 284,559 241,882 49,497 Your answer is correct. Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Crane Company Sheridan Company Dollars Percent Dollars Percent Net Sales $1,882,000 100% $610,000 100% Cost of Goods Sold 1,062,000 56.96 297,000 48.29 Gross Profit 820,000 43.6 313,000 51.3% Operating Expenses 255,000 13.5/5 83,000 13.6 Income From Operations 565,000 30.09 230,000 37.71% Other Expenses and Losses Interest Expense 7,100 3,400 0.6% Income Before Income Taxes 557,900 29.6 % 226,600 37.1% Income Tax Expense 69,000 34,000 5.6% Net Income / (Loss) $488,900 26.01% $192,600 31.6 Click if you would like to Show Work for this question: Open Show Work SHOW ANSWER LINK TO TEXT LINK TO TEXT (61) Compute the 2017 return on assets and the return on common stockholders' equity for both companies. (Round all ratios to 1 decimal place, e.g. 2.5%.) Crane Company Sheridan Company Return on assets Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work