Spreadsheet Exercise The income statement and balance sheet are the primary reports that a firm constructs for use by management and for distribution to stockholders, regulatory bodies, and the general public. They are the primary sources of historical financial information about the firm. Dayton Products, Inc., is a moderate-sized manufacturer. The company's management has asked you to perform a detailed financial statement analysis of the firm The income statements for the years ending December 31, 2015 and 2014, respectively, are presented in the following table Annual Income Statements (Values in Millions For the year ended December 31, 2015 December 31, 2014 $178,909 $187,510 Sales Cost of goods sold 109,701 111,631 Selling, general, and administrative expenses 12,356 12,900 Other expenses 33,572 33,377 Depreciation and amortization 12,103 7,944 Other income (add to EBIT to arrive at EBT) 3,147 3,323 Interest expense 398 293 Income tax rate (average) 35.32% 37.95% $1.13 $0.91 Dividends paid per share $1.34 $2.25 Basic EPS from total operations have the following balance sheet information as of December 31, 2015 and 2014, respectively. Annual Balance Sheets (Values in Millions For the year ended December 31, 2015 December 31, 2014 $7,229 $6,547 Cash Receivables 21,163 19,549 Inventories 8,068 7,904 Other current assets 1,831 1,681 Propert, plant, and equipment, gross 204,960 187,519 Accumulated depreciation and depletion 110,020 97,917 Other noncurrent assets 19,413 17,891 Accounts payable 13,792 22,862 4,093 Short-term debt payable 3,703 Other current liabilities 15,290 3,549 Long-term debt payable 6,655 7,099 Deferred income taxes 16,484 16,359 Other noncurrent liabilities 21,733 16,441 Retained earnings 74,597 73,161 Total common shares outstanding 6.7 billion 6.8 billion