(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): Cool Brewery Ltd. Northern Beer Ltd. 2020 2019 2020 2019 Net sales $214,040 $40,450 Cost of goods sold 100,850 16,600 Operating expenses 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 Other current assets 77.820 83,860 8,500 6,950 Long-term assets (net) 191,930 193.340 30,610 30.120 Current liabilities 75.220 59.230 3.920 4,280 Long-term liabilities 99,310 114.940 7,240 7.050 Interest expense 7,890 390 Income tax expense 4,620 1,090 Cash 11,690 $9,490 4,670 $2,680 Other current assets 77,820 83,860 8,500 6,950 Long-term assets (net) 191,930 193,340 30,610 30,120 Current liabilities 75,220 59,230 3,920 4,280 Long-term liabilities 99,310 114,940 7,240 7,050 Share capital 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, eg. 15.1%) Cool Brewery Northern Beer Net sales $ 214040 100 % $ 4045 Cost of goods sold (100850) (47.11) i % (16600) Operating expenses (81360) (37.98) 1 % (14570) Interest expense (7890) i (3.68) i % (390) Income tax expense (4620) i (2.15) i % (1090) Net earnings $ 19320 9.08 % $ 780 Calculate the return on assets and the return on shareholders' equity for both companies. (Round answers to 1 decimal place, eg. 15.1%.) Cool Brewery Northern Beer 6.80 % 18.67 % Return on assets 17.66 % 25.55 % Return on shareholders' equity - Your answer is incorrect. Calculate the debt to equity ratio for both companies at the end of 2020. (Round answers to 2 decimal places, eg. 0.84) Cool Brewery Northern Beer 92.89 22.19 Debt to equity ratio e Textbook 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, eg. 15.1%.) Cool Brewery Northern Beer 62 % 28.50 % Net debt as a percentage of total capitalization