Using the attached data for Company Z, find the following with computations:

1. Gross margin for each year
2. NOPAT for 3 years with a 25% tax rate
3. In percent, how quickly did sales grow between 2016 and 2018
4. Were there any expenses that grew quicker than sales; if so, what
5. Explain what happened within Company Z during this time frame. How could the results be explained
6. For 2017 and 2018, determine inventory turnover, accounts receivable turnover, days sales outstanding, and days inventory outstanding
7. What are the trends seen in part 6
8. For 2017 and 2018, determine RNOA. Is there any way to improve the operating margin? How could the company make the asset turnover better?
9. For 2017 and 2018, what was the amount of dividends paid
10. For 2017, why did cash decrease
    

Income Statement Balance Sheet 2016 2017 2018 2016 2017 2018 Sales 243289 265459 290567 Cash & Marketable Securities 27717 4152 5933 Cost of Goods Sold 123287 140853 146894 Accounts Receivable 51786 55348 67824 Gross Profit 120002 124606 143673 Inventory 67329 78346 82913 Sales & Marketing 27659 30243 33987 Prepaid Expenses and Other Current 11567 9456 12679 R & D 21984 22967 24789 Total Current Assets 158399 147302 169349 Administration 45009 48567 53256 Gross Plant & Equipment 135498 178658 175217 Earnings before Interest & Taxes 25350 22829 31641 Accumulated Depreciation 63419 72915 81327 Interest Expense 3512 3218 2789 Net Plant and Equipment 72079 105743 93890 Earnings before Tax 21838 19611 28852 Goodwill 45000 45000 37658 Income Taxes 8734 9024 9873 Total Fixed Assets 117079 150743 131548 Net Earnings (Income) (NOPAT) 13104 10587 18979 Total Assets 275478 298045 300897 2016 2017 2018 Various Payables 37374 43978 44298 Current Maturity of Long Term Debt 5467 6745 7587 Total Curent Liabilities 42841 50723 51885 Long Term Debt 67893 70345 62345 Deferred Taxes 22879 28975 31113 Total Current & Long Term Liabilities 90772 99320 93458 Contributed Capital 45387 46234 47659 Retained Earnings 96478 101768 107895 Total Shareholders' Equity 141865 148002 155554 Total Liabilities & Shareholders' Equity 275478 298045 300897