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Problem 18-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016

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Problem 18-2A The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 . Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense $1,815,400 1,012,500 802,900 514,200 288,700 $1,748,300 991,000 757,300 474,200 283,100 18,100 270,600 80,200 $ 190,400 13,000 270,100 76,400 $ 193,700 Net income 2016 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $59,400 Short-term investments 70,100 Accounts receivable (net) 117,800 Inventory 124,000 Total current assets 371,300 Plant assets (net) 596,900 Total assets $968,200 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 Income taxes payable 42,000 Total current liabilities 201,000 Bonds payable 201,600 Total liabilities 402,600 Stockholders' equity Common stock ($5 par) 279,500 Retained earnings 286,100 Total stockholders' equity 565,600 Total liabilities and stockholders' equity $968,200 $63,700 50,700 102,300 114,800 331,500 523,100 $854,600 $145,000 42,500 187,500 201,600 389,100 300,100 165,400 465,500 $854,600 All sales were on account. Compute the following ratios for 2017. (Weighted-average common shares in 2017 were 52.400.) (Round Earnings per share, Current ratio and Acid places, e.g. 1.65 or 1.65:1, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share $ (b) Return on common stockholders' equity No (c) Return on assets % (d) Current ratio 1 (e) Acid-test ratio (1) Accounts receivable turnover 1 (9) Inventory turnover times times (h) Times interest earned times (1) Asset turnover times 6) Debt to assets ratio Click if you would like to Show Work for this questions On Show Work

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