The condensed statements of Independent Auto Inc. follow: 1 Ints Independent Auto Inc. Income Statement ($000) For Years Ended December 31 2020 2019 Net sales $210,000 $193,200 Cost of goods sold 125,434 119,700 Gross profit from sales $ 84,566 $ 73,500 Selling expenses $ 29,677 $ 26,695 Administrative expenses 19,011 27,035 Total operating expenses $ 48, 688 $ 53, 730 Profit before taxes $ 35,878 $19,770 Income taxes 6,843 6,227 Profit $ 29,035 $ 13,543 2018 $168,000 106), 428 $ 61,572 $ 22,226 13,909 $36, 135 $ 25, 437 5,293 $20,144 Print 2019 2018 Independent Auto Inc. Balance Sheet (5000) December 31 2020 Assets Current assets $ 35,336 Non-strategic investments plant and equipment, net 65,800 Total assets $101, 136 Liabilities and Equity Current abilities $ 14,840 Common shares 59,500 Retained earnings 26,796 $27.942 630 70,000 $98,577 $36,854 3304 42700 $82, 858 $14,672 $9,500 24, 405 $14,236 44,300 23722 1 2019 2018 Independent Auto Inc. Balance Sheet ($000) December 31 2020 Assets Current assets $ 35, 336 Non-strategic investments @ plant and equipment, net 65,800 Total assets $101, 136 Liabilities and Equity Current liabilities $ 14,840 Common shares 59,500 Retained earnings 26,796 Total liabilities and equity $101, 136 5 moints $27,947 630 70,000 $98,577 $36,854 3,304 42,700 $82,858 Print $14,672 59,500 24, 405 $98,577 $14,336 44,800 23, 722 $82,858 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios to 1 December 31, 2020 December 31, 2019 December 31, 2018 to 1 to 1 Saved Help Save & 1 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) Print INDEPENDENT AUTO INC Common Size Comparative Income Statement fin ) For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Prolit 3. Express the balance sheet data in trend percentages with 2018 as the base vear Round our final percentage answers to 2 M Help Save 1 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) Print INDEPENDENT AUTO INC Balance Sheet Data in Trend Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets Non-strategic Investments Plant and equipment net Total assets Llabilities and Equity Current liabilities Common shares Retained aming Total abides and equity
