8 The financial statements for Armstrong and Blair companies for the current year are summarized below: Blair Company Statement of Financial Position Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets. Total assets Current liabilities. Long-term debt (10%) Share capital Contributed surplus. Retained earnings Total liabilities and shareholders' equity Statement of Earnings. Sales revenue (1/3 on credit) Cost of sales Expenses (including interest and income tax) Net earnings Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ Selected data from the financial statements for the previous year follows: Armstrong Company 36,000 74,000 74,000 $ $ 18 30% 42,000 15,000 Armstrong Company $ 34,400 60,000 215,000 192,500 94,000 $ 595,900 $ 146,000 74,000 290,000 40,500 45,400 $ 595,900 $ $ 630,000 (315,000) (226,800) $ 88,200 Blair Company $ 55,000 32,000 71,000 15 30% $300,000 50,000 $ 22,500 41,500 45,500 475,000 347,500 $ 932,000 $ 48,000 71,000 585,000 147,000 81,000 $ 932,000 $ 970,000 (436,500) (388,000)

$ 145,500 The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have approximately ten years, and each has had steady growth. The management of each has a different viewpoint in m. Company is more conservative, and as its president said, "We avoid what we consider to be undue risk." Neither co

The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many resp Company is more conservative, and as its president said, "We avoid what we consider to be undue risk. Neither company held. Armstrong Company has an annual audit by an independent auditor, but Blair Company does not. Required: 1. Complete a schedule that reflects a ratio analysis of each company. Use ending balances if average balances are not av (Round intermediate calculations and final answers to 2 decimal places.) HINT: To calculate Current Ratio, you will need to first calculate the total Current Acents, 2. This part of the question is not part of your Connect assignment