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. December 31, 2016 Sales Cost of goods sold Selling general, and administrative expenses Other tax expense Depreciation and amortization Other income add to EBIT to arrive at EBT) Interest experise Income tax rate (average) Dividends paid per share Basic EPS from total operations For the year coded December 31, 2015 $178,909 5187,510 109,701 111,631 12,356 12,900 33,572 33,377 12,103 7,944 3,147 3,323 398 293 35.324% 37.945% $1.13 $1.34 $2.25 $0.91 You also have the following balance sheet information as of December 31, 2015 and 2014, respectively. Cash Receivables Inventories Other current assets Property, plant, and equipment, gross Accumulated depreciation and depletion Other concurrent assets Accounts payable Short-term debt payable Other current liabilities Long term debt payable Deferred income tares Other Donauertat liabilities Retained earning Total common shares outstanding December 31, 2015 $ 7,229 21,163 8,068 1,831 204,960 110,020 19,413 13,792 4,093 15,290 6,655 16,484 21,733 74.597 December 31, 2014 $ 6,547 19,549 7,904 1,681 187,519 97,917 17,891 22,862 3,703 3,549 7,099 16,359 16,441 73,161 6.8 billion 6.7 billion TO DO a. Create a spreadsheet similar to Table 3.1 to model the following: (1) A multiple-step comparative income statement for Dayton, Inayat she peri- ods ending December 31, 2015 and 2014. You must calculate the cost of goods sold for the year 2015. (2) A common-size income statement for Dayton, Inc., covering the years 2015 and 2014. b. Create a spreadsheet similar to Table 3.2 to model the following: (1) A detailed, comparative balance sheet for Dayton, Inc., for the years ended December 31, 2015 and 2014. (2) A common-size balance sheet for Dayton, Inc., covering the years 2015 and 2014. Create a spreadsheet similar to Table 3.8 to perform the following analysis: (1) Create a table that reflects both 2015 and 2014 operating ratios for Dayton, Inc., segmented into (a) liquidity, (b) activity, (c) debt, (d) profitability, and (e) market. Assume that the current market price for the stock is $90. (2) Compare the 2015 ratios to the 2014 ratios. Indicate whether the results "outperformed the prior year" or "underperformed relative to the prior year