The following are Cohen Company's comparative financial statements for 2014, 2013, and 2012:

Additional information:
Credit sales were 65% of net sales in 2013 and 60% in 2014. At the beginning of 2014, 400 shares of common stock were issued, the first sale of stock in several years.
Cohen is concerned. Although it increased the dividends paid per share by 5% in 2014 and its 2014 net income is higher than 2013 net income, the market price of its common stock dropped from $22 per share at the beginning of 2014 to $21 per share at year-end.

Required:
1. For 2012, 2013, and 2014, prepare rate of change analyses for the income statements and balance sheets of Cohen using a year-to-year approach.
2. For 2013 and 2014, compute the following ratios: (a) current, (b) inventory turnover, (c) receivables turnover, (d) net profit margin, (e) earnings per share, (f) return on total assets, (g) return on shareholders' equity, and (h) debt-to-assets
3. Next Level Based on your results, discuss the possible reasons for the decrease in the market price per share in 2014.

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Comparative Income Statements For Years Ended December 31, 2014 $102,200 $ 41,100 2013 2012 $91,500 Sales (net) Cost of goods sold Gross proft Selling expenses Administrative expenses Interest expense $ 81,700 (47,150) $38,700 (10,000) (8,900) (6,950) (4,000 $(19,850) S 14,700 (4,410 (11,400) (8,700) (7,843) Total expenses $ (23,100 S 18,000 $(21,843) 16,857 Income before income taxes Income tax expense Net income (5,057) S 12,600 11,800 Earnings per share Comparative Retained Earnings Statements For Years Ended December 31, 2014 $28,800 12,600 $41,400 2013 $20,800 11,800 $32,600 2012 $14,310 10,290 $24,600 (3,800) $20,800 Beginning retained eamings Add: Net income Less: Dividends distributed Ending retained eamings (4,410) (3,800) $36,990 $28,800 Comparative Balance Sheets December 31 2014 2013 2012 $ 4,200 7,600 9,800 119,390 $140,990 $ 12,000 30,000 8,400 53,600 36,990 $ 4,000 7,000 9,000 112,000 $132,000 S 10,000 40,000 7,600 45,600 28,800 $ 4,100 6,200 8,600 107,100 Cash Receivables (net) Inventories Noncurrent assets Total Assets Current liabilities Bonds payable, 10% Common stock, $2 par Additional paid in capital Retained eamings Total Liabilities and Shareholders' Equity $ 12,000 40,000 7,600 45,600 20,800