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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 35,800 32,000 210,000 172,500 96,000 546,300 127,500 91,500 182,500 52,000 92,800 546,300 $ $ 33,000 45,000 36,500 475,000 330,000 $ 919,500 $ 42,500 84,000 575,000 131,000 87,000 $ 919,500 $ $ 560,000 (308,000) (190,400) 61,600 $ 920,000 (460,000) (349,600) $ 110,400 $ Selected data from the financial statements for the previous year follows: Armstrong Company 31,000 81,000 91,500 Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding Blair Company $ 51,000 26,000 84,000 $ $ 15 30% $ 18 30% 47,000 15,000 $260,000 50,000 Share price year-end Income tax rate Dividends declared and paid Shares Outstanding 18 30% 47,000 15,000 $ 15 30% $260,000 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 Asset turnover ratios Fixed Asset turnover times times Receivables turnover times times Inventory turnover times times Liquidity ratios Current ratio per share Market tests Pricelearnings ratio Dividend yield ratio % %