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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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