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The financial statements for Armstrong and Blair companies for the current year are summarized bel Armstrone Company Blair Company 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) Net earnings $ 35,900 $ 22,000 40,000 30,000 100,000 40,000 140,000 400,000 85,000 308,000 $ 400,000 $ 800,000 $ 100,000 $ 50,000 60,000 70,000 150,000 500,000 30,000 110,000 60,000 70,000 $ 400,000 $ 800,000 $ 450,000 (245,000) (160,000) $ 45,000 $ 810,000 (405,000) (315,000) $ 90,000 c.- Selected data from the financial statements for the previous year follows Armstrong Blair Company Company 20,000 $40,000 92,000 48,000 60.000 70,000 Accounts receivable (net) Inventory Long-term debt Other data: Share price year-end Income tax rate Dividends declared and paid Shares Outstanding $ 18 $ 15 3ex 38% 36,000 $150,000 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 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 public 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 balonces if average balances are (Round intermediate calculations and final answers to 2 decimal places.) HINT: To calculare Current Ratio, you will need to first calculate the total Current Assets. Rato Armstrong company Blair Company Profitability ratios Gross profit percentage % % Profit margin % % Earnings 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 Market tests Price/earnings ratio Dividend yield ratio % % C