Proctoring Enabled MH Lab 1 Ratio Analysis The financial statements for Armstrong and Blair companies for the current year are summarized below 13 Statement of Financial Position Cash 2 Accounts receivable (net) Inventory Property, plant, and equipment (net) Other non-current assets Total assets Current liabilities. Long-tere debt (10%) Armstrong Company Blair Company 5 14,200 $20,000 62,000 230,0001 41,000 40,000 195,000 490,000 92,000 350,000 $ 613,200 $ 148,000 71,500 $947,000 $ 45,000 70,000 610,000 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 292,500 $ 613,200 40,000 145,500 61,200 76,500 $947,000 $640,000 $950,000 (320,000) (427,500) (230,400) (380,000) $ 89,600 $142,500 Selected data from the financial statements for the previous year follows. Accounts receivable (net) Inventory Long-term debit Blair Company Armstrong Company $ 35,000 $ 53,000 73,000 35,000 70,000 71,500