The condensed statements of Independent Auto Inc. follow. Net sales Independent Auto Inc. Income Statement ($000) For Years Ended December 31 Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit before taxes Income taxes Profit 2020 $209,900 125,409 $ 84,491 19,001 2019 $193,100 119,675 2018 $167,900 106,403 $ 73,425 $ 61,497 $ 26,680 27,025 $ 29,662 $ 48,663 $ 35,828 6,828 $ 53,705 $ 19,720 6,212 $ 29,000 $ 13,508 $ 22,211 13,899 $ 36,110 $ 25,387 5,278 $ 20,109 Assets Independent Auto Inc. Balance Sheet ($000) December 31 2020 2019 2018 $27 897 $36,804 Independent Auto Inc. Balance Sheet ($000) December 31 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 2020 2019 2018 $ 35,286 $27,897 $36,804 0 65,700 620 69,900 3,279 42,600 $100,986 $98,417 $82,683 $ 14,815 $14,647 $14,311 59,400 59,400 44,700 26,771 24,370 23,672 $100,986 $98,417 $82,683 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal p Current ratios December 31, 2020 2.4 to 1 19 to 1 December 2020 2019 2018 Assets Current assets $ 35,286 $27,897 $36,804 Non-strategic investments 620 3,279 Plant and equipment, net 65,700 69,900 42,600 Total assets $100,986 $98,417 $82,683 Liabilities and Equity Current liabilities $ 14,815 $14,647 $14,311 Common shares 59,400 59,400 44,700 Retained earnings 26,771 24,370 23,672 Total liabilities and equity $100,986 $98,417 $82,683 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) Current ratios December 31, 2020 to 1 December 31, 2019 to 1 December 31, 2018 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 100.00 100.00 100.00 Cost of goods sold 59.74 61.97 63.37 Gross profit from sales 40.25 38.02 36.63 Selling expenses 14.13 13.82 13.29 Administrative expenses 9.05 14.00 8.28 Total operating expenses 23.18 27.81 21.51 Profit before taxes 17.07 10.21 15.12 Income taxes Profit 3.25 3.223.14 13.82 7.00 11.98 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 Assets Current assets 2020 2019 2018 95.86 75.80 100.00 0.00 18.91 100.00 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 Trond Percentages (in %) December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets 95.86 75.80 100.00 Non-strategic investments 0.00 18.91 100.00 Plant and equipment, net 154 22 164.08 100.00 Total assets 122.14 119.03 100.00 I inbilities and Faulty 1 of 3 Next > Prey WA