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R&E Supplies Income statements 2014 2015 2016 2017 Net sales $11,190 $13,764 $16,104 $20,613 Cost of goods sold 9,400 11,699 13,688 17,727 Gross profit 1,790 2,065 2,416 2,886 General, selling & admin expenses 1,019 1,239 1,610 2,267 Net interest expense 100 103 110 90 Earnings before tax 671 723 696 529 Tax 302 325 313 238 Earnings after tax 369 398 383 291 Balance sheets Assets Cash and securities 671 551 644 412 Accounts receivable 1,343 1,789 2,094 2,886 Inventories 1,119 1,376 1,932 2,267 Prepaid expenses 14 12 15 18 Total current assets 3,147 3,728 4,685 5,583 Net fixed assets 128 124 295 287 Total assets 3,275 3,852 4,980 5,870 Liabilities and owner's equity Bank loan 50 50 50 50 Accounts payable 1,007 1,443 2,426 3,212 Current portion of long-term debt 60 50 50 100 Accrued wages 5 7 10 18 Total current liabilities 1,122 1,550 2,536 3,380 Long-term debt 960 910 860 760 Total liabilities 2,082 2,460 3,396 4,140 Common stock 150 150 150 150 Retained earnings 1,043 1,242 1,434 1,580 Owner's equity 1,193 1,392 1,584 1,730 Total liabilities and owner's equity 3,275 3,852 4,980 5,870 Assignment 1: Using the Income Statements and Balance Sheets to the left, calculate the following: ng: h 2017 ear 2014 through 2017 2. Cost of Goods Sold as percentage of Net Sales for each year 2014 through 2017 3. General, Selling & Admin Expenses as percentage of Net Sales for each year (2014 - 2017) 4. The following ratios for each year: a. Days sales in cash b. Accounts receivable collection period c. Inventory turnover d. Accounts payables period will be t

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