The financial statements for Armstrong and Blair companies for the current year are summarized below 7 Company B 02 49:46 $ $ 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) tiet earnings 35,600 34,000 165,000 150,000 91,000 475,600 115,000 90,000 162,000 36,000 72,600 475,600 $ 28,000 36,000 34,000 460,000 320,000 $ 878,000 $ 45,000 85,000 560,000 126,000 62,000 $ 878,000 $ $ 510,000 (280,500) (173,400) 56,100 $ 870,000 (435, 000) (330, 600) $ 104,400 $ Selected data from the financial statements for the previous year follows: Armstrong Company $ 26,000 86,000 90,000 Blair Company $ 46,000 36,000 85,000 Accounts receivable (net) Inventory Long-term debt Other data: Share price year end Income tax rate Dividends declared and paid Shares Outstanding $ 18 30% 42,000 15,000 $ 15 30% $210,000 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 DUI Bld Company does not 02:49:23 Required: 1. Complete a schedule that reflects a ratio analysis of each company. Use ending balonces 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 profil percentage % % Profit margin % Eamings per share per share per share Asset turnover ratios Fixed Asset turnover times times Receivables turnover times times Inventory turnover times times Liquidity ratios Current ratio Markel tests Price/earnings ratio Dividend yield ratio % %