Instructions - Use the financials below to calculate all of the ratios listed on the Part 1 tab. In the comments column, explain what the difference in the ratio indicates between Armstrong and Blair using Armstrong as the reference point. For example, for Profit Margin, the answer would read "Armstrong profit per sales dollar (either higher or lower) than Blair" in Column F of the ratio sheet. Be sure to label answers, ie %, times, days on columns C and E. Percentages could be formatted with th number 2016 Armstrong Company Blair Company Assets Cash Accounts Receivable, Net Inventory Total Current Assets Property and Equipment, net Other Assets 35,000 40,000 100,000 175,000 180,000 45,000 22,000 30,000 40,000 92,000 300,000 408,000 Total Assets 400,000 800,000 Liabilities Current Liabilities Long Term Debt Total Liabilities 100,000 60,000 160,000 50,000 370,000 420,000 Shareholders' Equity Common Stock (par $10) Additional Paid in Capital Retained Earnings Total Shareholders' Equity 150,000 30,000 60,000 240,000 200,000 110,000 70,000 |380,000 Total Laibilites and Shareholders' Equity 400,000 800,000 Shares Outstanding 15,000 20,000 Revenue (1/3 are credit sales) Cost of Goods Sold Gross Profit Expenses Net Income 450,000 | 245,000 |205,000 | 160,000 45,000 810,000 405,000 405,000 |315,000 | 90,000 Select Data from 2015 Accounts Receivable, Net Inventory Property and Equipment, net Long Term Debt Total Shareholders' Equity 20,000 92,000 180,000 60,000 231,000 38,000 45,000 300,000 70,000 440,000 Estimated value of each share at end of 18 27