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Exercise 17-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 10 place.) % GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 $ % $ Sales $ 760,000 $ 685,000 Cost of goods sold 568,100 299,800 Gross profit 191,900 385,200 Operating expenses 130,400 279,200 Net income $ 61,500 $ 106,000 Has the company's situation improved in the most recent year? Yes No 2017 2016 2015 At December 31 Assets Canh Accounts receivable, net Merchandise inventory Prepaid expenses plant assets, bet Total assets Liabilities and Equity Accounts payable Long-ter notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 35,127 $ 41,060 $ 41,513 89,900 62,900 59,400 112,500 83,500 58.000 11,312 10,778 4,613 334,857 304,948 247,574 $ 583,696 $ 503,186 $ 411,100 $ 148,247 $ 86,739 $ 55,351 111,930 118,047 92,670 162,500 162,500 162,500 161,019 135,900 100,579 $ 583,696 $ 503,186 $ 411,100 The company's income statements for the years ended December 31, 2017 and 2016, follow. Assume that all sales are on Credit: For Year Ended December 31 Sales Coat of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 758,805 $ 462,871 235,230 12,900 9.864 720, 865 $ 37,940 2016 $ 598,791 $ 389,214 151, 494 13,772 8,982 563,462 $ 35, 329 $ 2.33 5 2.17 9,864 8,982 Income taxes Total costs and expenses Net income Earnings per share 720,865 $ 37,940 $ 2.33 $ 563,462 35,329 2.17 $ Exercise 17-8 Part 3 (3) Compute inventory turnover. Choose Numerator: Net sales 2017: Inventory Turnover | Choose Denominator: Average inventory 1 Inventory Turnover Inventory turnover 0 times 2016: O times For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $ 758,805 $ 462,671 235, 230 12,900 9,864 720,865 $ 37,940 2016 $ 598,791 $ 389,214 151,494 13,772 8.982 563,462 $ 35,329 $ 2.17 $ 2.33 Exercise 17-8 Part 4 (4) Compute days' sales in inventory. Days' Sales In Inventory Choose Numerator 1 Choose Denominator Days 1 X Days' Sales In Inventory Days' sales in inventory o days o days 2017: X X 2016: For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $715,000 $421,850 214,500 11,600 9,550 657,500 $ 57,500 2016 $ 600,000 $378,000 144,000 13,500 8,550 544,050 $ 55,950 $ 3.48 3.57 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016. Exercise 17-10 Part 1 (1) Profit margin ratio Choose Numerator: Profit Margin Ratio Choose Denominator: 1 1 1 Profit Margin Ratio Profit margin ratio 2017 2016 For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income taxes Total costs and expenses Net income Earnings per share 2017 $715,000 $421,850 214,500 11,600 9,550 657,500 $ 57,500 $ 3.57 2016 $ 600,000 $378,000 144,000 13,500 8,550 544,050 $ 55,950 $ 3.48 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2 Exercise 17-10 Part 2 (2) Total asset turnover. Total Asset Turnover Choose Denominator: Choose Numerator: = Total Asset Turnover Total asset turnover times times 2017 = 2016 The company's income statements for the years ended December 31, 2017 and 2016, follow. For Year Ended December 31 2017 2016 Sales $715,000 $ 600,000 Cost of goods sold $421,850 $378,000 Other operating expenses 214,500 144,000 Interest expense 11,600 13,500 Income taxes 9,550 8,550 Total costs and expenses 657,500 544,050 Net income $ 57,500 $ 55,950 Earnings per share $ 3.57 $ 3.48 Evaluate the company's efficiency and profitability by computing the following for 2017 and 2016 Exercise 17-10 Part 3 (3) Return on total assets. Return On Total Assets 1 Choose Denominator Choose Numerator: Return On Total Assets Retum on total assets % % 2017 2016