The financial statements for Armstrong and Blair companies for the current year are summarized below: Statement of Financial Position Cash Armstrong Company Blair Company $34,400 $ 22,500 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 60,000 215,000 192,500 94,000 $ 595,900 $146,000 74,000 290,000 40,500 45,400 $ 595,900 $ 630,000 (315,000) (226,800) $ 88,200 41,500 45,500 475,000 347,500 $ 932,000 $ 48,000 71,000 585,000 147,000 81,000 $ 932,000 $970,000 (436,500) (388,000) $ 145,500 Selected data from the financial statements for the previous year follows: Armstrong Company Blair Company Accounts receivable (net) $ 36,000 $ 55,000 Inventory 74,000 Long-term debt 74,000 32,000 71,000 Other data: Share price year-end $ Income tax rate 18 30% $ 15 30% Dividends declared and paid $ 42,000 Shares Outstanding 15,000 $300,000 50,000 The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in approximately ten years, and each has had steady growth. The management of each has a different viewpoint in many resp Company is more conservative, and as its president said. "We avoid what we consider to be undue risk." Neither company is 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, Bla 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 Profitability ratios Armstrong Company Blair Company Gross profit percentage Profit margin Earnings per share Asset turnover ratios % % % per share per share Fixed Asset turnover times times Receivables turnover times times Inventory turnover times times Liquidity ratios Current ratio Market tests Price/earnings ratio Dividend yield ratio % 2. This part of the question is not part of your Connect assignment.