Problem 14-2A 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 $1,811,500 $1,752,200 Cost of goods sold 1,008,900 982,000 Gross profit 802,600 770,200 Selling and administrative expenses 518,600 472,800 Income from operations 284,000 297,400 Other expenses and losses Interest expense 17,800 13,800 Income before income taxes 266,200 283,600 Income tax expense 81,200 76,400 Net income $ 185,000 $ 207,200 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $59,700 $64,400 Short-term investments 70,500 50,000 Accounts receivable (net) 117,200 102,200 Inventory 123,900 115,000 Total current assets 371,300 331,600 Plant assets (net) 600,800 521,900 Total assets $972,100 $853,500 Liabilities and Stockholders Equity Current liabilities Accounts payable $159,300 $144,200 Income taxes payable 43,500 41,000 Total current liabilities 202,800 185,200 Bonds payable 203,400 203,400 Total liabilities 406,200 388,600 Stockholders equity Common stock ($5 par) 282,800 298,600 Retained earnings 283,100 166,300 Total stockholders equity 565,900 464,900 Total liabilities and stockholders equity $972,100 $853,500 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 55,100.) (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%.)