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 eBook Links (3) references 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 % % % eBook Links (3)references 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