Question 10 of 10 > 0.1970.5 Here are comparative statement data for Crane Company and Sheridan Company, two competitors. All balance sheet data are as of December 31, 2022, and December 31, 2021. Crane Company 2022 2021 $1,882,000 1,062,000 255,000 7.100 69,000 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock. $10 par Retained earnings Sheridan Company 2022 2021 $610,000 291,000 83,000 3,400 34.000 137.504 $ 131,121 230,551 207,590 58,324 49,964 48.873 41.250 198,000 198,000 62,858 49,497 537,859 869,220 109.436 188.084 $515,477 825,000 125,095 148,500 825.000 284,559 825,000 241.882 (a) Prepare a vertical analysis of the 2022 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2022 Crane Company Dollars Percent Sheridan Company Percent Dollars Prepare a vertical analysis of the 2022 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%) Condensed Income Statement For the Year Ended December 31, 2022 Crane Company Dollars Percent Sheridan Company Percent Dollars Net Sales $1,882,000 100 % $610,000 100 Cost of Goods Sold 1,062.000 57.6 % 297,000 Gross Profit 820,000 42.5 313.000 Operating Expenses 255.000 12.98 % % % 83.000 Income From Operations 565,000 29.52 230,000 Other Expenses and Losses Interest Expense 7.100 % 3.400 Income Before Income Taxes 557,900 % 226,600 Income Tax Expense 69.000 % 34.000 Net Income /(Loss) $488.900 % $192,600 (61) MacBook Pro Other Expenses and Losses Interest Expense 7.100 % 3,400 Income Before Income Taxes 557,900 % 226,600 Income Tax Expense 69,000 % 34,000 Net Income /(Loss) $488,900 % $192,600 (61) Compute the 2022 return on assets and the return on common stockholders' equity for both companies. (Round all ratios to 1 decimal place, e.g. 2.5%) Crane Company Sheridan Company % 96 Return on assets % % Return on common stockholders' equity e Textbook and Media Attempts: 3 of 5 used Submit Answer Save for Later