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Thank you in advance! Problem 14-1A Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as
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Problem 14-1A Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2017, and December 31, 2016. Farris Company Ratzlaff Company 2017 $1,549,035 1,080,490 2016 2017 2016 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 339,038 241,000 79,000 2,252 6,650 302,275 8,980 54,500 25,975 $312,410 83,336 $79,467 521,310 500,000 139,728 125,812 65,32575,815 35,348 30,281 108,500 90,000 29,620 25,000 500,000 500,000 120,000 120,000 173,460 146,595 38,096 29,998 Prepare a vertical analysis of the 2017 income statement data for Farris Company and Ratzlaff Company in columnar form. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Farris Company Ratzlaff Company Dollars Percent Dollars Percent Step by Step Solution
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