Please give a detailed analysis of the financial statements given below for Joshua & White Technologies. Your analysis should include answers to the questions as follows (not limited to these questions):

Has the companys liquidity position improved or worsened? Hows it compared with the industry average?

Has the companys ability to manage its assets improved or worsened? Hows it compared with the industry average?

How has the companys profitability changed during the last year? Hows it compared with the industry average?

Note: you may need to research on the industry average on financial ratios for Information Technology companies.

Joshua & White Technologies: December 31 Balance Sheets (Thousands of Dollars) Assets 2019 2018 Cash and cash equivalents $21,000 $20,000 Short-term investments 3,759 3,240 Accounts Receivable 52,500 48,000 Inventories 84,000 56,000 Total current assets $161,259 $127,240 Net fixed assets 223,097 200,000 Total assets $384,356 $327,240 Liabilities and equity Accounts payable $33,600 $32,000 Accruals 12,600 12,000 Notes payable 19,929 6,480 Total current liabilities $66,129 $50,480 Long-term debt 67,662 58,320 Total liabilities $133,791 $108,800 Common stock 178,440 178,440 Retained Earnings 72,125 40,000 Total common equity $250,565 $218,440 Total liabilities and equity $384,356 $327,240 Joshua & White Technologies December 31 Income Statements (Thousands of Dollars) 2019 2018 Sales $420,000 $400,000 COGS except excluding depr. and amort. 300,000 298,000 Depreciation and Amortization 19,660 18,000

Other operating expenses 27,600 22,000 EBIT $72,740 $62,000 Interest Expense 5,740 4,460 EBT $67,000 $57,540 Taxes (25%) 16,750 14,385 Net Income $50,250 $43,155 Common dividends $18,125 $17,262 Addition to retained earnings $32,125 $25,893 Other Data 2019 2018 Year-end Stock Price $90.00 $96.00 # of shares (Thousands) 4,052 4,000 Lease payment (Thousands of Dollars) $20,000 $20,000 Sinking fund payment (Thousands of Dollars) $5,000 $5,000