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Please use EXCEL and show individual cell work. Calculate the ratios and answer the questions below. Add more space to the yellow boxes if you

Please use EXCEL and show individual cell work.

Calculate the ratios and answer the questions below. Add more space to the yellow boxes if you need to.
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 $34,524
Common dividends $18,125 $17,262
Addition to retained earnings $32,125 $17,262
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
Ratio Analysis 2019 2018 Industry Avg
Liquidity Ratios
Current Ratio 2.58
Quick Ratio 1.53
Asset Management Ratios
Inventory Turnover (Total COGS/Inventories) 7.69
Days Sales Outstanding 47.45
Fixed Assets Turnover 2.04
Total Assets Turnover 1.23
Debt Management Ratios
Debt Ratio (Total debt-to-assets) 20.0%
Liabilities-to-assets ratio 32.1%
Times-interest-earned ratio 15.33
EBITDA coverage ratio 4.18
Profitability Ratios
Profit Margin 8.86%
Basic Earning Power 19.48%
Return on Assets 10.93%
Return on Equity 16.10%
Market Value Ratios
Earnings per share NA
Price-to-earnings ratio 10.65
Cash flow per share NA
Price-to-cash flow ratio 7.11
Book Value per share NA
Market-to-book ratio 1.72
a. Has Joshua & White's liquidity position improved or worsened? Explain.
b. Has Joshua & White's ability to manage its assets improved or worsened? Explain.
c. How has Joshua & White's profitability changed during the last year?

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