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The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($800) For Years Ended December 31 2020 2019 2018 Net sales $210,100

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The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement ($800) For Years Ended December 31 2020 2019 2018 Net sales $210,100 $193,300 $168,100 Cost of goods sold 125,459 119,725 106,453 Gross profit from sales $ 84,641 $ 73,575 $ 61,647 Selling expenses $ 29,692 $ 26,710 $ 22,241 Administrative expenses 19,021 27,045 13,919 Total operating expenses $ 48, 713 $ 53,755 $ 36,160 Profit before taxes $ 35,928 $ 19,820 $ 25,487 Income taxes 6,858 6,242 5,308 Profit $ 29,070 $ 13,578 $ 20,179 2018 Independent Auto Inc. Balance Sheet (5000) December 31 2020 2019 Assets Current assets $ 35,386 $27,997 Non-strategic investments 640 Plant and equipment, net 65,900 70,100 Total assets $101,286 $98,737 Liabilities and Equity Current liabilities $ 14,865 $14,697 Common shares 59,600 59,600 Retained earnings 26,821 24,440 Total liabilities and equity $101,286 $98,737 $36,904 3,329 42,800 $83,033 $14,361 44,900 23,772 $83,033 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 2. Express the income statement data in common-size percentages. (Round your final percentage answers to 2 decimal places.) INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) 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 Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answers to 2 decimal places.) 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 Liabilities and Equity Current liabilities Common shares Retained earnings Total liabilities and equity

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