The condensed statements of Ipex Inc. follow:

Required
Rounding calculations to two decimal places:
1. Calculate each year€™s current ratio.
2. Express the income statement data in common-size percents.
3. Express the balance sheet data in trend percentages with 2012 as the base year.
Analysis Component: Comment on any significant relationships revealed by the ratios andpercents.

Transcribed Image Text:

lpex Inc. Income Statement ($000) For Years Ended December 31 lpex Inc. Balance Sheet ($000) December 31 2014 2013 2012 2014 2013 2012 $207,200 $190,400 165,200 Assets Cost of goods sold124,734 119,000 105,728 Current asset33,936 $26,547 $35,454 Gross profit from sales S 82,466 S 71,400 Selling expens 63,000 67,200 39,900 Administrative expenses 18,731 26,755 13,629 Total operating expenses.. 47,988 S 53,030 S 35,435 Liabilities and Equity 59,472 Long-term investments 0 350 2,604 s 29,257 S 26,275 21,806 Plant and equipment, net. Total assets. $ 34,478 S 18,370 $ 24,037Current liabilities.. 6,423 4,873 Common shares 12,563 S 19,164 Retained earnings 56,700 56,700 42,000 26,096 23,425 22,322 Total liabilities and equity.$96,936 $94,097 $77,958 5,807 Income taxes. Net income... S 28,055