Problem 9-3 Condensed balance sheet and income statement data for Flint Corporation are presented here. 2015 FLINT CORPORATION Balance Sheets December 31 2017 2016 Cash $32,000 $ 22,000 Accounts receivable (net) 52,000 47,000 Other current assets 93,000 98,000 Investments 58,000 73,000 Plant and equipment (net) 500,000 370,000 $735,000 $610,000 Current liabilities $ 87,000 $ 82,000 Long-term debt 148,000 88,000 Common stock, $10 par 323,000 313,000 Retained earnings 177,000 127,000 $735,000 $610,000 $ 20,000 50,000 67,000 48,000 358,000 $543,000 $ 72,000 53,000 303,000 115,000 $543,000 2016 FLINT CORPORATION Income Statements For the Years Ended December 31 2017 Sales revenue $743,000 Less: Sales returns and allowances 42,000 Net sales 701,000 Cost of goods sold 428,000 Gross profit 273,000 Operating expenses (including income taxes) 182,000 Net income $ 91,000 $603,000 32,000 571,000 353,000 218,000 152,000 $ 66,000 Additional information: BOOK Kimmel, Survey of Accounting, le Help System Announcements Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses (including income taxes) Net income 42,000 701,000 428,000 273,000 182,000 $ 91,000 32,000 571,000 353,000 218,000 152,000 $ 66,000 Additional information: 1. The market price of Flint's common stock was $7.00, $7.50, and $8.50 for 2015, 2016, and 2017, respectively. 2. You must compute dividends pald. All dividends were paid in cash. (a) Compute the following ratios for 2016 and 2017. (Round earnings per share and asset turnover to 2 decimal 1.8%.) 2017 2016 Profit margin % % Gross profit rate % Asset turnover times times $ $ Earnings per share Price-earnings ratio times times Payout ratio % % Debt to assets ratio % Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR EXERCISE MacBook