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Question 1: Prepare a horizontal analysis of the following comparative income statement for Westwind Corporation. Round percentage changes to the nearest onetenth percent. Westwind Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Total revenue $1,400,000 $1,250,000 Cost of goods sold 925,000 $830,000 Operating expenses 313,000 280,000 Interest expense 14,000 12,000 Income tax expense 48,300 38,000 $1,300,300 $1,160,000 $99,700 $90,000 Expenses: Total expenses Net Income Question 2: Compute trend percentages for Flash Corporation total revenue and net income for the following fiveyear period, using year 0 as the base year. Round to the nearest full percent. (in thousands) Year 4 Total revenue Net income Year 3 Year 2 Year 1 Year 0 $1,418 $1,287 $1,106 $1,009 $1,043 125 104 93 81 85 Question 3: Use the following data to prepare a commonsize comparative income statement for Old Mill Corporation on December 31, 2016. Round percentages to onetenth percent. Net sales 2016 $1,400,000 2015 $1,200,000 Expenses: $900,000 $780,000 250,000 220,000 Interest expense 55,000 52,000 Income tax expense 64,000 48,000 $1,269,000 $1,100,000 $131,000 $100,000 Cost of goods sold Selling and general expenses Total expenses Net income Question 4: Comparative financial statement data of Lannister Inc. are as follows: Lannister Inc. Comparative Income Statement Years Ended December 31, 2016 and 2015 Net sales 2016 2015 $687,000 $595,000 Cost of goods sold 375,000 276,000 Gross profit 312,000 319,000 Operating expenses 129,000 142,000 Income from operations 183,000 177,000 37,000 45,000 146,000 132,000 36,000 51,000 $110,000 $81,000 Interest expense Income before income tax Income tax expense Net income Lannister Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Current assets: 2014 Cash $45,000 $49,000 Current receivables, net 212,000 158,000 $200,000 Inventories 297,000 281,000 181,000 4,000 29,000 Total current assets 558,000 517,000 Property, plant and equipment, net 285,000 277,000 $843,000 $794,000 $700,000 Accounts payable 150,000 105,000 112,000 Other current liabilities 135,000 188,000 Total current liabilities $285,000 $293,000 Longterm liabilities 243,000 231,000 Total liabilities 528,000 524,000 Common shareholders' equity, no par 315,000 270,000 199,000 $843,000 $794,000 Prepaid expenses Total assets Total liabilities and shareholders' equity Other information: 1. Market price of Lannister common stock: $102.17 at December 31, 2016; and $77.01 at December 31, 2015. 2. Common shares outstanding: 18,000 during 2016 and 17,500 during 2015. 3. All sales on credit. Requirements: 1. Compute the following ratios for 2016 and 2015 a. Current ratio b. Quick ratio (acid test) c. Receivables turnover and days' sales outstanding (rounded to the nearest whole day) d. Inventory turnover and days inventory outstanding (rounded to the nearest whole day) e. 2. Accounts payable turnover and days' payable outstanding (rounded to the nearest whole day). f. Cash conversion cycle (in days) g. Timesinterestearned ratio h. Return on assets (use DuPont analysis) i. Return on common shareholders' equity (use DuPont analysis) j. Earnings per share of common stock k. Price/earnings ratio. Decide whether (a) Lannister's financial position improved or deteriorated during 2016 and (b) the investment attractiveness of Lannister's common stock appears to have increased or decreased