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The financial statements for Armstrong and Blair companies for the current year are summarized below. Armstrong Company 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 $ 34,800 56,000 185,000 187,500 98,000 $ 561,300 $ 127,000 79,000 215,000 41,500 98,800 $ 561,300 $ 27,500 42,500 44,000 460,000 342,500 $ 916,500 $ 51,000 74,000 548,000 150,000 93,500 $ 916,500 $ 610,000 (305,000) (219,600) $ 85,400 $ 980,000 (441, 000) (392,000) $ 147,000 Selected data from the financial statements for the previous year follows: Armstrong Company $ 36,000 76,000 79,000 Blair Company $ 56,000 26,000 74,000 Accounts receivable (net) Inventory Long-term debt Shares Outstanding 46,000 15,000 $310,000 50,000 The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in E approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many respe Company is more conservative, and as its president said, We avoid what we consider to be undue risk." Neither company is 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 ava (Round intermediate calculations and final answers to 2 decimal places.) HINT: To calculate Current Ratio, you will need to first calculate the total Current Assets. Ratio Armstrong Company Blair Company Profitability ratios: Gross profit percentage % Profit margin % % Earnings per share per share Asset turnover ratios. Fixed Asset turnover times times Receivables turnover times times times times Inventory turnover Liquidity ratios Current ratio per share Market tests Ratio Armstrong Company Blair Company % % Profitability ratios Gross profit percentage Profit margin Earnings per share Asset turnover ratios: Fixed Asset turnover % % per share per share times times Receivables turnover times times times times Inventory turnover Liquidity ratios. Current ratio Market tests: Price/earnings ratio Dividend yield ratio % % 2. This part of the question is not part of your Connect assignment. The financial statements for Armstrong and Blair companies for the current year are summarized below. Armstrong Company 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 $ 34,800 56,000 185,000 187,500 98,000 $ 561,300 $ 127,000 79,000 215,000 41,500 98,800 $ 561,300 $ 27,500 42,500 44,000 460,000 342,500 $ 916,500 $ 51,000 74,000 548,000 150,000 93,500 $ 916,500 $ 610,000 (305,000) (219,600) $ 85,400 $ 980,000 (441, 000) (392,000) $ 147,000 Selected data from the financial statements for the previous year follows: Armstrong Company $ 36,000 76,000 79,000 Blair Company $ 56,000 26,000 74,000 Accounts receivable (net) Inventory Long-term debt Shares Outstanding 46,000 15,000 $310,000 50,000 The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in E approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many respe Company is more conservative, and as its president said, We avoid what we consider to be undue risk." Neither company is 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 ava (Round intermediate calculations and final answers to 2 decimal places.) HINT: To calculate Current Ratio, you will need to first calculate the total Current Assets. Ratio Armstrong Company Blair Company Profitability ratios: Gross profit percentage % Profit margin % % Earnings per share per share Asset turnover ratios. Fixed Asset turnover times times Receivables turnover times times times times Inventory turnover Liquidity ratios Current ratio per share Market tests Ratio Armstrong Company Blair Company % % Profitability ratios Gross profit percentage Profit margin Earnings per share Asset turnover ratios: Fixed Asset turnover % % per share per share times times Receivables turnover times times times times Inventory turnover Liquidity ratios. Current ratio Market tests: Price/earnings ratio Dividend yield ratio % % 2. This part of the question is not part of your Connect assignment