Selected comparative financial statements of Bennington Company follow:
BENNINGTON COMPANY
Comparative Income Statements
For Years Ended December 31, 2012, 2011, and 2010
2012 2011 2010
Sales $ 504,672 $ 386,620 $ 268,300
Cost of goods sold 303,813 242,797 171,712
Gross profit 200,859 143,823 96,588
Selling expenses 71,663 53,354 35,416
Administrative expenses 45,420 34,023 22,269
Total expenses 117,083 87,377 57,685
Income before taxes 83,776 56,446 38,903
Income taxes 15,582 11,571 7,897
Net income $ 68,194 $ 44,875 $ 31,006
BENNINGTON COMPANY
Comparative Balance Sheets
December 31, 2012, 2011, and 2010
2012 2011 2010
Assets
Current assets $ 52,257 $ 40,885 $ 54,653
Long-term investments 0 600 3,490
Plant assets, net 100,095 106,455 64,425
Total assets $ 152,352 $ 147,940 $ 122,568
Liabilities and Equity
Current liabilities $ 22,243 $ 22,043 $ 21,449
Common stock 67,000 67,000 49,000
Other paid-in capital 8,375 8,375 5,444
Retained earnings 54,734 50,522 46,675
Total liabilities and equity $ 152,352 $ 147,940 $ 122,568
references 1.value: 2.00 points
Problem 17-1A Part 1
Required:
1. Compute each year’s current ratio. (Round your answers to 1 decimal place.)
Current ratio December 31, 2012: to
Current ratio December 31, 2011: to
Current ratio December 31, 2010: to
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2.value: 2.00 points
Problem 17-1A Part 2
2.
Express the income statement data in common-size percents. (Percents are rounded to two decimals and thus may not exactly sum to totals and subtotals. Round your answers to 2 decimal places. Omit the “%” sign in your response.)
BENNINGTON COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2012, 2011, and 2010
2012 2011 2010
Sales % % %
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income taxes
Net income % % %
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3.value:
2.00 points
Problem 17-1A Part 3
3.
Express the balance sheet data in trend percents with 2010 as the base year. (Round your answers to 2 decimal places. Leave no cells blank – be certain to enter “0” wherever required. Omit the “%” sign in your response.)
BENNINGTON COMPANY
Balance Sheet Data in Trend Percents
December 31, 2012, 2011, and 2010
2012 2011 2010
Assets
Current assets % % %
Long-term investments
Plant assets
Total assets
Liabilities and Equity
Current liabilities % % %
Common stock
Other contributed capital
Retained earnings
Total liabilities and equity