7) Create a common size statement for the financial statements below. (6 Marks)

7) Create a common size statement for the financial statements below. (6 Marks) Michelle Corporation Statement of Financial Positions as of December 31, 2016, 2017 and 2018 (in millions of dollars) Assets 1 Current assets Cash Accounts receivable Inventory Tota I Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity 2016 $620 1,065 1,521 3,216 18255 21,471 560 5,150 5,710 5,961 S3,ooo 6,800 S9,800 $21 ,471 2017 $645 930 984 2,559 19,581 22,140 894 4,281 5,175 6,924 S3,ooo 7,041 SIO,041 $22,140 2018 $968 1 ,395 1,476 3,839 22,000 25,839 1,378 5,500 6,878 8,800 $3,000 7,161 $10,161 S25,839