Return to Blackboard JS Weygandt, Accounting Principles, 12e Help System Announcements 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 2016 dy. $1,813,600 1,007,100 806,500 519,800 286,700 $1,750,700 978,000 772,700 472,000 300,700 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 Income tax expense Net income 17,100 269,600 81,700 $ 187,900 14,200 286,500 77,500 $ 209,000 2016 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $60,600 Short-term investments 69,100 Accounts receivable (net) 117.500 Inventory 123,600 Total current assets 370,800 Plant assets (net) 601,200 Total assets $972.000 Liabilities and Stockholders' Equity Current liabilities $160,600 Accounts payable 43,100 Income taxes payable 203,700 Total current liabilities $64,600 50,300 102,800 115,600 333,300 523.900 $857,200 $144.800 42.200 187.000 Vidli assets (vec) UL200 UZS)You $972,000 $857,200 $160,600 43,100 $144,800 42,200 203,700 187,000 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 203,700 203,700 407,400 390,700 277,400 287,200 564,600 $972,000 297,100 169,400 466,500 $857,200 All sales were on account. compute the following ratios for 2017. (Weighted average common shares in 2017 were 50, decimal places, e.g. 1.65 or 1.65:2, and all other answers to 1 decimal place, e.g. 6. $ (a) Earnings per share % (b) Return on common stockholders' equity 96 (c) Return on assets 31 (d) Current ratio 31 (e) Add-test ratio times (1) Accounts receivable turnover times times (9) Inventory turnover times (h) Times interest earned (i) Asset turnover (1) Debt to assets ratio Click if you would like to Show Work for this question: Open Show Work EPC 3