Problem 13-1A (Part Level Submission) Here are comparative statement data for Cullumber Company and Oriole Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Cullumber Company 2017 2016 $1,853,000 1,063,000 252,000 8,000 73,700 Oriole Company 2017 2016 $535,000 279,000 84,000 2,200 34,000 Current assets Plant assets (net) Current liabilities Long-term liabilities 498,742 $477,987 806,004 765,000 101,477 115,997 174,405 137,700 127,504 213,784 54,082 45,319 $ 121,585 192,492 46,330 38,250 765,000 765,000 183,600 183,600 Common stock, $10 par Retained earnings 263,864 224,290 58,287 45,897 (a) Your answer is correct. Prepare a vertical analysis of the 2017 income statement data for Cullumber Company and Oriole Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Cullumber Company Dollars Percent Oriole Company Percent Dollars $1,853,000 % Net Sales % 100 $535,000 100 1,063,000 Cost of Goods Sold % 57.4 279,000 52.1 % 790,000 Gross Profit % % 42.6 256,000 47.9 % 252,000 Operating Expenses % 13.6 84,000 15.7 538,000 Income From Operations 29 % 172,000 % 32.1 Other Expenses and Losses Interest Expense 8,000 0.4 % 2,200 0.4 % 8,000 % Interest Expense % 2,200 0.4 0.4 530,000 Income Before Income Taxes 28.6 % 169,800 % 31.7 73,700 % Income Tax Expense % 4 34,000 6.4 Net Income / (Loss) $456,300 24.6 % $135,800 25.4 % Click if you would like to Show Work for this question: Open Show Work SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts (b1) x Your answer is incorrect. Try again. Compute the 2017 return on assets and the return on common stockholders' equity for both companies. (Round all ratios to 1 decimal place, e.g. 2.5%.) Cullumber Company Oriole Company Return on assets % 34.9 1% 39.7 Return on common stockholders' equity % 59.6% 73.9 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT