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CHAPTER 17 Analyzing Financial Statements ACalating ratios and percentages L02,3,4 densed statements of Independent Auto Inc. follow: eXcel Problem 17-2A Independent Auto Inc. Income Statement ($000) For Years Ended December 31 Independent Auto Inc. Balance Sheet ($000) December 31 2017 2016 2015 $207.200 $190,400 $165,200 Assets vet sales. Gross profit from selling expenses.24.257 2017 2016 2015 Current assets. $33,936 $26,547 $35,454 0 350 2.604 s sold.. 124.734 Non-strategic investments... $82.466 $ 71.40059472 Plant and 26.275 $ 21,806 net. 63,000 67200 39.900 596.936 $94097 $77958 $14,140 $13,972 $13.636 56,700 56,700 42,000 26.096 23.425 22.322 Administrative 18.731 26.75513.629 Liabilities and Equity expenses Total operating Current liabilities... xpense.47988 $ 53, 030 $ 35.435 Common shares... Profit before taxes.. $ 34,478 s 18.370 $ 24,037 Income taxes..b,425 28.03 5 13503 14854 Retained earnings.... 20:01 Total liabilities and 5,807 4,873 29 equity....$96.936 $94.097 $77,958 Required Rounding calculations to two decimal places: 1. Calculate each year's current ratio. 2. Express the income statement data in common-size percentages. 3. Express the balance sheet data in trend percentages with 2015 as the base year Analysls Component: Comment on any significant relationships revealed by the ratios and percentages