Comparative statement data for P Company and Q Company-competitors - appear on the following page. All balance sheet data are as of December 31, 2002 and December 31, 2001. Instructions (a) Prepare a vertical analysis of the 2003 income statement data for P and Q. (b) Compute the return on common shareholders' equity for both companies for 2003. (c) Compare receivable collections between the two companies for 2003. (d) Compare the short-term liquidity of the two companies for 2003. Action Plan - A vertical analysis of the income statement requires that each component of income be divided by net sales. - Use average balances for turnover ratios such as the asset turnover. - Short-term liquidity will involve the current and quick ratios Comparative statement data for P Company and Q Company-competitors - appear on the following page. All balance sheet data are as of December 31, 2002 and December 31, 2001. Instructions (a) Prepare a vertical analysis of the 2003 income statement data for P and Q. (b) Compute the return on common shareholders' equity for both companies for 2003. (c) Compare receivable collections between the two companies for 2003. (d) Compare the short-term liquidity of the two companies for 2003. Action Plan - A vertical analysis of the income statement requires that each component of income be divided by net sales. - Use average balances for turnover ratios such as the asset turnover. - Short-term liquidity will involve the current and quick ratios