Use the following financial statements of Precision Co. to complete these requirements. 1. Prepare comparative income statements showing the percent increase or decrease for year 2015 in comparison to year 2014 (Horizontal analysis). PRECISION COMPANY Comparative Income Statements For Years Ended December 31,2015 and 2014 PRECISION COMPANY Comparative Balance Sheets Decenber 31,2015 and 2014 2014 2. Prepare common-size comparative balance sheets for years 2015 and 2014. (Vertical Analysis) Cost of goods sold Gross proft Operating coxpens $2.186,000 $2075,000 1.222.000 853.000 1,523,000 963.000 Curront aspecs $ 79.000% 42.000 3. Compute the following ratios as of December 31, 2015, or for the year ended December 31, 2015, using cell references and formulas in Excel Advortsing expense Sales salaries expense Omce saanes expense Inburance expe Supplies expense Short-term Investmenes Accounts recevable, net* Menchandise inventory Total current assets 40,000 280,000 65.000 50,000 265,000 514.000 503.000 Current ratlo Acid-test ratio Accounts receivable turnover Days' sales uncollected Inventory turnover Debt ratio Debt-to-equity ratio Times interest earned Plant assets 400,000 350,000 Store equipment, net...- Omce oquipment, nec.... Total operating expenses.. Operating income Interest expense 5,000 7,000 778,000 185,000 44.000 5,000 15,000 750,000 103,000 46.000 625,000 675,000 100.000 00.000 I170.000 175.000 $1 ,604,000 $1 .678,000 Total planc ss Total assets 000 57.Liabilities 19,000 $ 9.00038,000 47,000 Total asset turnover Return on total assets Return on common stockholders' equity Curront llabaties Net income .164,000 190,000 Earnings per share $ 0.990.40 Short-term noces payable Taxes payabl Total current lablilities Long-torm labilites 265,000 292,000 Nooes payable (secured by mortgage on blings) 400,000 665,000 420,000 712.000 Tocal tabitties Stockholders' Equity Common stock, $5 par value Recanod earmings Total stockholders' oquity Tocal labilties and equity 475,000 475,000 544,000 491000 1019.000 66,000 $1684,000 $1678,000