CRANE COMPANYIncome StatementsFor the Years Ended December

CRANE COMPANY
Income Statements
For the Years Ended December 31

2017

2016

Net sales

$1,896,140

$1,756,100

Cost of goods sold

1,064,140

1,011,600

Gross profit

832,000

744,500

Selling and administrative expenses

505,600

484,600

Income from operations

326,400

259,900

Other expenses and losses
Interest expense

23,800

21,800

Income before income taxes

302,600

238,100

Income tax expense

93,800

74,800

Net income

$ 208,800

$ 163,300

CRANE COMPANY
Balance Sheets
December 31

Assets

2017

2016

Current assets
Cash

$ 60,100

$ 64,200

Debt investments (short-term)

74,000

50,000

Accounts receivable

123,400

108,400

Inventory

127,800

117,300

Total current assets

385,300

339,900

Plant assets (net)

659,000

530,300

Total assets

$1,044,300

$870,200

Liabilities and Stockholders’ Equity

Current liabilities
Accounts payable

$ 165,600

$151,000

Income taxes payable

45,300

43,800

Total current liabilities

210,900

194,800

Bonds payable

230,000

210,000

Total liabilities

440,900

404,800

Stockholders’ equity
Common stock ($5 par)

290,000

300,000

Retained earnings

313,400

165,400

Total stockholders’ equity

603,400

465,400

Total liabilities and stockholders’ equity

$1,044,300

$870,200

All sales were on account. Net cash provided by operating activities for 2017 was $236,000. Capital expenditures were $136,000, and cash dividends were $60,800.

(a) Earnings per share

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(b) Return on common stockholders’ equity

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(c) Return on assets

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(d) Current ratio

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(e) Accounts receivable turnover

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(f) Average collection period

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(g) Inventory turnover

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(h) Days in inventory

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(i) Times interest earned

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(j) Asset turnover

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(k) Debt to assets ratio

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(l) Free cash flow

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