The 2017 financial statements for Armstrong and Blair companies are summarized below:

	Armstrong Company				Blair Company
Statement of Financial Position
Cash	$	35,600			$	28,000
Accounts receivable (net)		34,000				36,000
Inventory		165,000				34,000
Property, plant, and equipment (net)		150,000				460,000
Other non-current assets		91,000				320,000
Total assets	$	475,600			$	878,000
Current liabilities	$	115,000			$	45,000
Long-term debt (10%)		90,000				85,000
Share capital		162,000				560,000
Contributed surplus		36,000				126,000
Retained earnings		72,600				62,000
Total liabilities and shareholders equity	$	475,600			$	878,000
Statement of Earnings
Sales revenue (1/3 on credit)	$	510,000			$	870,000
Cost of sales		(280,500	)			(435,000	)
Expenses (including interest and income tax)		(173,400	)			(330,600	)
Net earnings	$	56,100			$	104,400

Selected data from the 2016 statements follows:

Accounts receivable (net)	$	26,000			$	46,000
Inventory		86,000				36,000
Long-term debt		90,000				85,000
Other data:
Share price at end of 2017	$	18			$	15
Income tax rate		30	%			30	%
Dividends declared and paid in 2017	$	42,000			$	210,000
Number of common shares during 2017		15,000				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 10 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.)

Armstrong Company Blair Company % % % % % % per share per share % % times times Ratio Tests of profitability: Return on equity Return on assets Financial leverage percentage Earnings per share Profit margin Fixed asset turnover Tests of liquidity: Cash ratio Current ratio Quick ratio Receivables turnover Inventory turnover Tests of solvency: Times-interest-earned ratio Debt-to-equity ratio Market tests: Price/earnings ratio Dividend yield ratio times times times times times times % %