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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 $ 35,000 54,000 170,000 185,000 85,500 $ 529,500 $ 134,000 81,500 230,000 42,000 42,000 $ 529,500 $ 30,000 43,000 42,500 420,000 340,000 $ 875,500 $ 52,500 76,000 554,000 132,000 61,000 $ 875,500 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 $ 600,000 (300,000) (216,000) $ 84,000 $ 960,000 (432,000) (384,000) $ 144,000 Selected data from the financial statements for the previous year follows: Armstrong Company $ 35,000 77,000 81,500 Blair Company $ 55,000 23,000 76,000 Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ 18 30% 48,000 15,000 $ 15 30% $300,000 50,000 $ The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in business approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many respects. Blair Company is more conservative, and as its president said, "We avoid what we consider to be undue risk." Neither company is publicly 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 available. (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 per share Asset tumover ratios. Fixed Asset turnover times times Receivables turnover times times times times Inventory turnover Liquidity ratios Current ratio Market tests Pricelearnings ratio Dividend yield ratio % %