Use the data for Lake City Industries, Inc., from P4-48B.

Refer to data form P4-48B,

Requirements
1. Calculate the earnings per share for Lake City Industries for the year. Assume the average number of common shares outstanding during the year was 25,000. Round to the nearest cent.
2. The earnings per share for 2015 was $5.03. Did the earnings per share improve or deteriorate during 2016?
3. Calculate the gross profit percentage for Lake City Industries for the year.
4. The gross profit percentage for 2015 was 62.7 percent. Did the gross profit percentage improve or deteriorate during 2016?
5. Calculate the net income percentage for Lake City Industries for the year.
6. The net income percentage for 2015 was 30.7 percent. Did the net income percentage improve or deteriorate during 2016?

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$380,700 $135,400 Sales Revenue.. Cost of Goods Sold. Accumulated Depreciation, Equipment. Unearned Sales Revenue . Prepaid Rent. Office Salaries Expense (General).. Accumulated Depreciation, Building. Utilities Expense (General) . Equipment. Accounts Payable. Sales Discounts.. Advertising Expense Interest Expense Salaries Payable. Accounts Receivable. Building. Sales Returns and 85,000 26,400 11,600 4,200 4,300 4,800 43,600 12,300 1,700 2,500 6,800 61,200 3,800 60,000 18,450 7,850 1,100 7,500 155,000 Dividends Allowances.. Common Stock. 6,800 65,000 Cash.. Retained Earnings, 10/31/2015.. Delivery Expense.. Insurance Expense (General). Mortgage Payable (Long-Term) Supplies. Depreciation Expense (General). Inventory... Commission Expense.. 10,300 20,700 31,200 50,000 900