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Problem 18-2A le The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017

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Problem 18-2A le 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 $1,816,900 $1,754,300 Cost of goods sold 1,012,500 990,000 Gross profit 804,400 764,300 Selling and administrative expenses 478,800 517,400 Income from operations 285,500 287,000 Other expenses and losses Interest expense 13,000 17,500 Income before income taxes 269,500 272,500 81,400 77,800 Income tax expense Net income $188,100 $ 194,700 PAINTER TOOL COMPANY Balance Sheets December 31 2017 2016 Assets Current assets tion Cash $59,700$65,000 Short-term investments 68,400 50,600 116,200 Accounts receivable (net) 101,300 123,700 115,500 Inventory Total current assets 332,400 368,000 Plant assets (net) 595,100 522,700 $963,100 $855,100 Total assets ers' Equity rved. Current liabilities $159,000 $144,400 Accounts payable Income taxes payable 41,500 43,200 202,200 Total current liabilities 185,900 Plant assets (net) 595,100 522,700 Total assets $963,100 $855,100 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $144400 Income taxes payable 43,200 41,500 Total current liabilities 202,200 185,900 Bonds payable 195,300 195,300 397,500 Total liabilities 381,200 Stockholders' equity Common stock ($5 par) 304,300 284,600 Retained earnings 281,000 169,600 Total stockholders equity 565,600 473,900 Total liabilities and stockholders equity $963,100 $855,100 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 58,700.) (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 06 (d) Current ratio (e) Acid-test ratio (f) Accounts receivable turnover times (9) Inventory turnover times (h) Times interest earned times (i) Asset turnover times () Debt to assets ratio Question Attempts: 0 of 5 used

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