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You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive analysis of the company's financial statements, including comparing Lydex's performance to its major competitors. The company's financial statements for the last two years are as follows Lydex Company Comparative Balance Sheet Year Last Year Assets Current assets: Cash Marketable securities Accounts receivable, net $960,000 0 2,700,000 3,900,000 240,000 1,260,000 300,000 1800,000 2.400,000 180,000 Prepaid expenses Total current assets Plant and equipment, net 7800,000 9,300,000 5,940,000 8,940,000 Total assets $17100,000 14,880,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities Note payable, 10% 3,900,000 3,600,000 2.760,000 3,000,000 Total liabilities 7,500,000 5.760,000 Stockholders' equity Common stock, $78 par value Retained earnings 7800,000 1800,000 7800,000 1,320,000 Total stockholders' equity 9,600,000 9,120,000 Total liabilities and stockholders' equity $17100,000 14,880,000 Lydex Company Comparative Income Statement and Reconciliation This Year Last Year Sales (all on account) Cost of goods sold $15,750,000 $. 12.480,000 9,900,000 12,600,000 Gross margin Selling and administrative expenses 3.150,000 1,590,000 2,580,000 1,560,000 Net operating income Interest expense 1,560,000 360,000 1,020,000 300,000 Net income before taxes Income taxes (30%) 1.200,000 360,000 720,000 216,000 Net income Common dividends 840,000 360,000 504,000 252,000 Net income retained Beginning retained earnings 480,000 1,320,000 252,000 1,068,000 Ending retained earnings $1800,000 $1320,000 To begin your assigment you gather the following financial data and ratios that are typical of companies in Lydex Company's industry