Problem 18-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2016 $1,813,300$1,753,100 983,000 770,100 477,800 292,300 2017 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses 1,008,900 804,400 516,800 287,600 Interest expense Income before income taxes Income tax expense Net income 18,900 268,700 80,100 14,800 277,500 77,700 5 199,800 PAINTER TOOL COMPANY Balance Sheets December 31 Assets Current assets 2017 2016 Cash Short-term investments Accounts receivable (net) Inventory 560,200 70,600 117,800 123 600 372.200 602.200 $64.500 49.200 102.700 114.700 331,100 517.900 5974 400 $849:000 Total current assets Plant assets (net) Total assets Liabilities and Stockholders Equity Current liabilities Accounts payable Income taxes payable $159.200$145.200 41,500 135,700 201 600 42 400 201 600 201 600 Tota current li bitties Bonds payable Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities 372,200 331,100 517,900 $974,400$849,000 602,200 Accounts payable Income taxes payable $159,200$145,200 41,500 186,700 201,600 388,300 42,400 201,600 201,600 403,200 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 275,300 295.900 571.200 301,900 158,800 460,700 Total stockholders equity Total liabilities and stockholders equity$974 400 $849,000 l sales were on account. Compute the following ratios for 2017, (weighted-average common shares in 2017 were 58,700) (Rour e.g. 6.8 or 6.8%.) (a) Earnings per shane (b) Return on common stockhoiders equity (o) Return on assers (d) current rasic (e) Acid-test ratio O) Ascounts Pecelvable urnever (g)i Eaventory tumpver (h)itimes nterest eermed CD A (G) DeDt to essets ratib times times cimes emes