Problem 13-2B Ratios, common-size statements, and trend percents P1 P2 P3

Selected comparative financial statement information of Bluegrass Corporation follows.

BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 Assets Current assets. . . . $ 54.860 32,660 $ 36,300 Long-term investments. . . .. 0 1,700 10,600 Plant assets, net . . .... 112,810 113,660 79,000 Total assets . . ..... $167,670 $148,020 $125,900 Liabilities and Equity Current liabilities. . . . . . . . $ 22,370 $ 19,180 $ 16,500 Common stock . . .. 46,500 46,500 37,000 Other paid-in capital. . . . . . 13,850 13.850 11,300 Retained earnings. . . . . . . . . . 84,950 68.490 61,100 Total liabilities and equity. . . . . . . . $167.670 $148,020 $125,900BLUEGRASS CORPORATION Comparative Income Statements For Years Ended December 31 2019 2018 2017 Sales . . . . . $198,800 $166,000 $143,800 Cost of goods sold . . . . .. 108,890 86,175 66,200 Gross profit . . .. 89,910 79,825 77.600 Selling expenses. .. 22,680 19,790 18,000 Administrative expenses . . . . . . 16,760 14,610 15,700 Total expenses . . . . 39,440 34,400 33,700 Income before taxes. . . .. 50,470 45,425 43,900 Income tax expense . . . . . . . 6,050 5,910 5,300 Net income . . .. $ 44.420 39,515 38,600