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ent 11 - Ch 17 0 Saved The condensed statements of Independent Auto Inc. follow. Independent Auto Inc. Income Statement (5000) For Years Ended December 31 2e2e 2019 Net sales $209,800 $193, eee Cost of goods sold 125,384 119,650 Gross profit from sales $ 84,416 $ 73,35e Selling expenses $ 29,647 $ 26,665 Administrative expenses 18.991 27,015 Total operating expenses $ 48,638 $ 53,680 Profit before taxes $ 35,778 $ 19,670 Income taxes 6,813 6,197 Profit $ 28,965 $ 13,473 2018 $167,80e 186,378 $ 61,422 $ 22,196 13,889 $ 36,085 $ 25,337 5,263 $ 20,074 2019 2018 Independent Auto Inc. Balance Sheet (5000) December 31 2020 Assets Current assets $ 35, 236 Non-strategic investments a plant and equipment, net 65,600 Total assets S180,336 Liabilities and Equity Current liabilities $14,290 Common shares 59,380 Retained earnings 25.746 Total liabilities and equity 3100,336 $27,847 610 69.800 $98,257 536,754 3,254 42.500 562,50 $14.622 59,300 24,35 $98,257 $14,286 44.680 5920 Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) here to search e hp Required: 1. Calculate each year's current ratio. (Round the final answers to 1 decimal place.) December 31 2020 December 31, 2019 December 31, 2018 Current ratios to 1 to 1 to 1 2. Express the income statement data in common-size percentages. (Round your final percentage answ INDEPENDENT AUTO INC. Common-Size Comparative Income Statement (in %) For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales Cost of goods id Gross profit from sales Seling expenses Administrative expenses Total operating expenses Profit before taxes PE 1 of 3 Next > o search o Total operating expenses Profit before taxes Income taxes Profit 3. Express the balance sheet data in trend percentages with 2018 as the base year. (Round your final percentage answer decimal places.) INDEPENDENT AUTO INC Balance Sheet Data in Trend Percentages (in) December 31, 2020, 2019 and 2018 2020 2019 2018 Assets Current assets Non strategic investments Plant and equipment net Total assets Liabilities and Equity Current abilities Common shares Retained coming Tolates and out Prey 103 Next > e to search O c 3 hop # % 3 $ 4 5 5 6 & 7 00 C 9

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