The financial statements for Armstrong and Blair companies for the current year are summarized below: Armstrong Blair Company Company Statement of Financial Position Cash $ 35,999 $ 22,999 Accounts receivable (net) 46,666 36,666 Inventory 166,666 46,666 Property, plant, and equipment (net) 146,666 466,666 Other non-current assets 85,666 368,666 Total assets 55 466,666 $ 866,666 Current liabilities $ 166,666 $ 56,666 Long-term debt (16%) 66,666 76,666 Share capital 156,666 566,666 Contributed surplus 36,666 116,666 Retained earnings 66,666 76,666 Total liabilities and shareholders' equity $ 466,666 $ 866,666 Statement of Earnings Sales revenue (1/3 on credit) $ 456,666 $ 816,666 Cost of sales (245,666) (465,666) Expenses (including interest and income tax) (166,666) (315,666) Net earnings $ 45,666 $ 96,666 Selected data from the financial statements for the previous year follows: Selected data from the financial statements for the previous year follows: Accounts receivable (net) $26,666 $ 46,666 Inventory 92,999 48,666 Long-term debt 66,666 76,666 other data: Share price year-end $ 18 $ 15 Income tax rate 36% 36% Dividends declared and paid $36,666 $156,666 Shares outstanding 15,666 56,666 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. Protabimy ratios: Return on equity 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 nal answers to 2 decimal places.) HINT: To calculate Current Ratio, you will need to first calculate the total Current Assets. Profitability ratios: Return on equity Return on assets Gross prot percentage Asset turnover ratios: Fixed asset turnover Receivables tu mover Inventory turnover Liquidiw ratios: Current ratio Debt-to-equity ratio Mamet tests: Priceiearnings ratio