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P1 P2 P3 U BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 BLUEGRASS CORPORATION Comparative Income Statements Assets For Years Ended December 31 2019 2018 2017 Current assets.. $ 54,860 $ 32,660 $ 36,300 Sales .... Long-term investments.. Plant assets, net.. 1,700 10,600 $198,800 $166,000 $143,800 112,810 79,000 66.200 113,660 $148,020 $125,900 Cost of goods sold 108,890 86,175 Total assets.. $167,670 Gross profit... 89,910 79,825 77,600 Llabilitles and Equlty Selling expenses.. 22,680 19,790 18,000 Current liabilities. $ 22,370 $ 19,180 $ 16,500 Administrative expenses 16,760 14,610 15,700 Common stock ... 46,500 46,500 37,000 Total expenses . 39,440 34,400 33,700 Other paid-in capital. 13,850 13,850 11,300 Income before taxes.. 50,470 45,425 43,900 Retained earnings... 84,950 68,490 61,100 Income tax expense 6,050 5,910 5,300 $ 38,600 Total liabilities and equity... $167,670 $148,020 $125,900 Net income $ 44,420 $ 39,515

P1 P2 P3 U BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 BLUEGRASS CORPORATION Comparative Income Statements Assets For Years Ended December 31 2019 2018 2017 Current assets.. $ 54,860 $ 32,660 $ 36,300 Sales .... Long-term investments.. Plant assets, net.. 1,700 10,600 $198,800 $166,000 $143,800 112,810 79,000 66.200 113,660 $148,020 $125,900 Cost of goods sold 108,890 86,175 Total assets.. $167,670 Gross profit... 89,910 79,825 77,600 Llabilitles and Equlty Selling expenses.. 22,680 19,790 18,000 Current liabilities. $ 22,370 $ 19,180 $ 16,500 Administrative expenses 16,760 14,610 15,700 Common stock ... 46,500 46,500 37,000 Total expenses . 39,440 34,400 33,700 Other paid-in capital. 13,850 13,850 11,300 Income before taxes.. 50,470 45,425 43,900 Retained earnings... 84,950 68,490 61,100 Income tax expense 6,050 5,910 5,300 $ 38,600 Total liabilities and equity... $167,670 $148,020 $125,900 Net income $ 44,420 $ 39,515

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Statement Of Cash Flows
Section: Chapter Questions
Problem 13.3BE
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Required
1. Compute each year’s current ratio. Round ratios to one decimal.
2. Express the income statement data in common-size percents. Round percents to two decimals.
3. Express the balance sheet data in trend percents with 2017 as the base year. Round percents to two
decimals.
Analysis Component
4. Comment on any significant relations revealed by the ratios and percents computed. 

P1 P2 P3 U BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 BLUEGRASS CORPORATION Comparative Income Statements Assets For Years Ended December 31 2019 2018 2017 Current assets.. $ 54,860 $ 32,660 $ 36,300 Sales .... Long-term investments.. Plant assets, net.. 1,700 10,600 $198,800 $166,000 $143,800 112,810 79,000 66.200 113,660 $148,020 $125,900 Cost of goods sold 108,890 86,175 Total assets.. $167,670 Gross profit... 89,910 79,825 77,600 Llabilitles and Equlty Selling expenses.. 22,680 19,790 18,000 Current liabilities. $ 22,370 $ 19,180 $ 16,500 Administrative expenses 16,760 14,610 15,700 Common stock ... 46,500 46,500 37,000 Total expenses . 39,440 34,400 33,700 Other paid-in capital. 13,850 13,850 11,300 Income before taxes.. 50,470 45,425 43,900 Retained earnings... 84,950 68,490 61,100 Income tax expense 6,050 5,910 5,300 $ 38,600 Total liabilities and equity... $167,670 $148,020 $125,900 Net income $ 44,420 $ 39,515
Transcribed Image Text:P1 P2 P3 U BLUEGRASS CORPORATION Comparative Year-End Balance Sheets At December 31 2019 2018 2017 BLUEGRASS CORPORATION Comparative Income Statements Assets For Years Ended December 31 2019 2018 2017 Current assets.. $ 54,860 $ 32,660 $ 36,300 Sales .... Long-term investments.. Plant assets, net.. 1,700 10,600 $198,800 $166,000 $143,800 112,810 79,000 66.200 113,660 $148,020 $125,900 Cost of goods sold 108,890 86,175 Total assets.. $167,670 Gross profit... 89,910 79,825 77,600 Llabilitles and Equlty Selling expenses.. 22,680 19,790 18,000 Current liabilities. $ 22,370 $ 19,180 $ 16,500 Administrative expenses 16,760 14,610 15,700 Common stock ... 46,500 46,500 37,000 Total expenses . 39,440 34,400 33,700 Other paid-in capital. 13,850 13,850 11,300 Income before taxes.. 50,470 45,425 43,900 Retained earnings... 84,950 68,490 61,100 Income tax expense 6,050 5,910 5,300 $ 38,600 Total liabilities and equity... $167,670 $148,020 $125,900 Net income $ 44,420 $ 39,515
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