Problem 18-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 $1,813,300 1,008,900 804,400 516,800 20 287,600 2016 $1,753,100 983,000 770,100 477,800 292,300 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes come taxes Income tax expense Net income N 18,900 268,700 80,100 $ 188,600 14,800 277,500 77,700 $ 199,800 2016 $64,500 49,200 102,700 114,700 331,100 517,900 $849,000 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $60,200 Short-term investments 70,600 Accounts receivable (net) 117,800 Inventory 123,600 Total current assets 372,200 Plant assets (net) 602,200 Total assets $974,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,200 Income taxes payable 42,400 Total current liabilities 201,600 Bonds payable 201,600 Total liabilities 403,200 Stockholders' equity Common stock ($5 par) 275,300 Retained earnings 295,900 Total stockholders' equity 571,200 Total liabilities and stockholders' equity $974,400 $145,200 41,500 186,700 201,600 388,300 301,900 158,800 460,700 $849,000 All sales were on account. Compute the following ratios for 2017. (Weighted average common shares in 2017 were 58,700.) (Round Earnings per share, curren or 1.65:1, and all other answers to 1 decimal place, e.q.6.8 or 6.8%.) PRINTER VERSION BACK NA Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total abilities Stockholders' equity Common stock (55 par) Retained earnings Total stockholders' equity Total abilities and stockholders' equity $159,200 42,400 201,600 201,600 403, 200 $145,200 41,500 186,700 201,600 388,300 275,300 295,900 571,200 $974,400 1849.000 Al sales were on account Compute the following ratios for 2017. (Weighted average common shares in 2017 were 58,700.) (Round Earnings or share current rate and Acid-test ratio to 2 decimal places or 1.85:1, and all other answers to 1 decimal place ... 6.8 or 6.89.) (a) Earnings per share (b) Return on common stockholders' equity (c) Return on assets (d) Current ratio (o) Acid-test ratio (0) Accounts receivable turnove (9) Inventory turnover (h) Times interest earned (1) Asset turnover 01) Debt to assets ratio Click if you would like to Show Work for this questioni Open Show Work VIDEO SIMILAR