Twenty metrics of liquidity, Solvency, and Profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 2018 AUTOMOTIVE SOLUTIONS INC. Comparative Income Statement For the Years Ended December 31, 2048 and 2017 2018 2017 Sales $10,000,000 $ 9,400,000 Cost of goods sold (5,350,000) (4,950,000) Gross profit $ 4,450,000 $ 4,650,000 $ (2,000,000) (1,500,000) Selling expenses Administrative expenses $(1,880,000) (1,410,000) $3,290,000) Total operating expenses $ (3,500,000) Operating income $1,150,000 $1,160,000 Other revenue and expenser Other revenue 140,000 150,000 (170,000) Other expense (interest) (150,000) Income before income tax $ 1,150,000 $ 1,130,000 (230,000) Income tax expense (225,000) Net income $ 900,000 $ 925,000 Previous Check My Work All work saved Email Instructor Save and Et Submit Assignment for Grading Week 6 Homework (CHL9) book PR 08.01 PR.09.02 AUTOMOTIVE SOLUTIONS INC Comparative statement of Stockholders' Equity For the Years Ended December 31, 2048 and 2017 2048 2017 PR.09.03 PR 09.04 Preferred Stock Common Stock Preferred Stock Common Stock Retained Earnings $4,545.000 925,000 Balances, Jan. Retained Earnings $5,375,000 900,000 $500,000 $500,000 5500,000 $500,000 Net income Dividends: Preferred stock (45,000) (50,000) $6,180,000 (45,000) (50,000) Common Mock Balances, Dec.31 $500,000 $500,000 $500,000 $500,000 55,375,000 AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet December 31, 2018 and 2017 Dec 31, 2018 Assets Dec 31, 2017 Current assets: cach $500,000 1,010,000 $ 400,000 1,000,000 Marketable securities Accounts receivable (net) 740,000 500,000 Check My Work Previous Progress 4 noms Assignment Score: 87.42% All work saved Emal instructor Save and El Suemit Assignment for Grading mework (CH) book AUTOMOTIVE SOLUTIONS INC. Comparative Balance Sheet December 31, 2048 and 2017 Dec 31, 2018 Dec 31, 2017 Assets Current assets 5500,000 Cash Marketable securities $400,000 1,000,000 1,010,000 740,000 Accounts receivable (net) 510,000 1.190,000 Inventories Prepaid expenses Total current assets Long-term investments Property, plant, and equipment (net) Total assets Liabilities 950,000 229,000 $3,089,000 250,000 $3,690,000 2,350,000 2.300,000 3,366,000 3,740,000 59,780,000 $8,755,000 $900,000 Current liabilities $ 880,000 $ 200,000 SO 1.500,000 1.500.000 Long-term abilities: Mortgage note payable, 10% Bands payable, 10% Total long-term liabilities Total abilities $1,500,000 $1,700,000 52.600,000 $2,380,000
