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Question 5 The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 Net sales $1,812,400 Cost of goods sold 1,005,600 Gross profit 806,800 Selling and administrative expenses 518,600 Income from operations 288,200 Other expenses and losses Interest expense 18,500 Income before income taxes 269,700 Income tax expense 80,600 Net income $ 189,100 2016 $1,745,900 982,000 763,900 479,200 284,700 14,600 270,100 76,600 $ 193,500 PAINTER TOOL COMPANY Balance Sheets December 31 17 16 RCES 2016 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 Current assets Cash $60,700 Short-term investments 70,400 Accounts receivable (net) 116,800 Inventory 122,900 Total current assets 370,800 Plant assets (net) 600,400 Total assets $971,200 Liabilities and Stockholders' Equity. Current liabilities Accounts payable $159,500 Income taxes payable 43,500 Total current liabilities 203,000 Bonds payable 204,000 Total liabilities 407,000 Stockholders equity Common stock ($5 pan) 281,600 Retained earnings 282,600 Total stockholders' equity 564,200 Total liabilites and stockholders equity $971,200 $64,300 49,100 101,000 115,100 329,500 519,700 $849,200 $144,000 42,900 186,900 204,000 390,900 Study 301,300 157,000 458,300 $849,200 All sales were on account CES All sales were on account. Compute the following ratios for 2017. (Weighted average common shares in 2017 were 51,8 Acid-test ratio to 2 decimal places, e.g. 1.65 or 1.65:1, and all other answers to 1 de (a) Earnings per share 3.36 (b) Return on common stockholders' equity 40.0% 20.8% (c) Return on assets. (d) Current ratio 1.83:1 (e) Acid-test ratio (f) Accounts receivable turnover times (g) Inventory turnover times (h) Times interest earned times times udy. (1) Asset turnover (1) Debt to assets ratio Question Attempt