(Common-size analysis and differences in profitability and leverage) Comparative financial statement data for Cool Brewery Ltd. and Northern Beer Ltd., two competitors, follow (amounts in thousands): Northern Beer Ltd. 2020 2019 Cool Brewery Ltd. 2020 2019 $214,040 100,850 $40,450 Net sales Cost of goods sold Operating expenses 16,600 81,360 14,570 Interest expense 7,890 390 Income tax expense 4,620 1,090 Cash 11,690 $9,490 4,670 $2.680 77,820 83,860 8,500 6,950 Other current assets Long-term assets (net) 191,930 193,340 30,610 30,120 75,220 59,230 3,920 4,280 Current liabilities Long-term liabilities Share capital 99,310 114,940 7,240 7,050 52,600 44,900 17,800 15,000 Retained earnings 54,310 67,620 14,820 13,420 Prepare a common-size analysis for 2020 for Cool Brewery Ltd. and Northern Beer Ltd. (Round percentage answers to 1 decimal place, e.g. 15.1%) Cool Brewery Northern Beer Net sales $ 214.040 100 % $ Cost of goods sold (100,850) 47.11 i % (16.66 Operating expenses (81,360) 37.98 i % (14.53 Interest expense 7.890 3.68 i % Income tax expense 4.620 i 2.15 i % 1,0 Net earnings $ 19.380 9.08 % $ Calculate the return on assets and the return on shareholders' equity for both companies. (Round answers to 1 decimal place, e.g. 15.1%.) Cool Brewery Northern Beer 11.22 % 22.21 % Return on assets 17.66 % Return on shareholders' equity 30.40 % eTextbook and Media * Your answer is incorrect. Calculate the debt to equity ratio for both companies at the end of 2020. (Round answers to 2 decimal places, e.g. 0.84.) Cool Brewery Northern Beer 1.63:1 Debt to equity ratio 0.39:1 eTextbook and Media X Your answer is incorrect. Calculate the net debt as a percentage of total capitalization for both companies. (Round answers to 1 decimal place, e.g. 15.1%.) Cool Brewery Northern Beer 62 % 28.50 % Net debt as a percentage of total capitalization